MOSCOW, June 30 (RAPSI) - President Vladimir Putin signed a law that requires banks to provide guarantees to credit history bureaus, according to a statement from the official source of legal publications.

The law stipulates that credit and microfinance institutions provide the information required to build a credit history of legal entities and individuals to at least one such bureau.

The document contains definitions of credit history (data composed according to law and stored at a credit history bureau), credit history record (part of credit history describing the credit history subject’s fulfillment of obligations) and other key terms.

Loan institutions will be providing data on when bank guarantees were issued and for what term, as well as on the withdrawal of bank guarantees. An official confirmation can be obtained showing that a bank guarantee exists and has not been withdrawn.

The law aims to improve credit organizations and to protect creditors and credit users through a general reduction of credit risks.