Russia’s regional MPs propose to reduce credit record storage term
MOSCOW, July 5 (RAPSI) – The parliament of Russia’s Republic of North Ossetia-Alania has submitted a bill reducing credit record storage time from 10 to 3 years to the State Duma. The document’s version has been published on the State Duma database.
Amendments are proposed to the law on credit histories.
According to the bill’s sponsors, granting credit resources to individuals drives consumer demand, obtains the society needs for goods and services. However, even minor breaches of time limits form the basis for a negative credit history and statutory conditions of its keeping can restrict access to borrowed funding resources for 10 years.
Such a long term of credit record storage and thereby violating economic and social freedom of citizens, who are subjects of a credit history, seems unfounded, the regional lawmakers believe.