Prevention of Loan Registration Without a Person's Participation or Knowledge
Uzbekistan
An individual can prohibit the conclusion of a loan agreement in their name without their participation or knowledge by submitting an application to a credit bureau. The prohibition or removal of such a restriction is carried out voluntarily.
In Uzbekistan, on March 4, amendments and additions were made to the Law "On Credit Information Exchange" by Law No. O‘RQ-1043.
According to the law, the registry of persons prohibited from entering into credit agreements is a unified database containing information about individuals who are restricted from concluding credit transactions, maintained by credit bureaus.
The Central Bank establishes the procedure for maintaining this coordinated registry by credit bureaus.
Additionally, it has been determined that the minimum amount of the charter capital of a credit bureau must be 2 billion soums.
The Central Bank applies measures and sanctions against credit bureaus for the following violations:
non-compliance with the requirements of legislation on credit information exchange and the regulation of credit bureau activities;
violation of consumer rights in credit bureau services;
discovery of license issuance based on fraudulent documents.
The Central Bank has the authority to issue mandatory instructions to eliminate these violations and impose fines of up to 5,000 BRV (Basic Calculation Values).
Furthermore, an individual can prohibit the conclusion of a loan agreement in their name without their participation or knowledge by submitting an application to a credit bureau. The prohibition or removal of such a restriction is carried out voluntarily.
According to the law, the registry of persons prohibited from entering into credit agreements is a unified database containing information about individuals who are restricted from concluding credit transactions, maintained by credit bureaus.
The Central Bank establishes the procedure for maintaining this coordinated registry by credit bureaus.
Additionally, it has been determined that the minimum amount of the charter capital of a credit bureau must be 2 billion soums.
The Central Bank applies measures and sanctions against credit bureaus for the following violations:
non-compliance with the requirements of legislation on credit information exchange and the regulation of credit bureau activities;
violation of consumer rights in credit bureau services;
discovery of license issuance based on fraudulent documents.
The Central Bank has the authority to issue mandatory instructions to eliminate these violations and impose fines of up to 5,000 BRV (Basic Calculation Values).
Furthermore, an individual can prohibit the conclusion of a loan agreement in their name without their participation or knowledge by submitting an application to a credit bureau. The prohibition or removal of such a restriction is carried out voluntarily.
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