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Creditors should allow challenging information in credit histories online: recommendations from Bank of Russia

5 October 2021

According to the Bank of Russia’s recommendations, credit and microfinance organisations, credit cooperatives, investment platform operators, and leasing companies should ensure that beginning on 1 January 2022 their borrowers can submit online requests to challenge information included in their credit histories.

For instance, this option can be provided through mobile apps, online accounts, or emails.

The regulator’s proposal is associated with amendments to the legislation: since 1 January 2022, individuals wishing to challenge the said information may apply directly to credit history sources (e.g. banks or microfinance organisations), and creditors shall accept such applications. Currently, the law on credit histories requires borrowers to apply to credit history bureaus if they want to challenge information.

These recommendations are intended to expand financial consumers’ opportunities as they will be able to challenge their credit histories when they cannot personally visit the office of a credit history source or a post office to submit their applications.

Preview photo: GaudiLab / Shutterstock / Fotodom