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EAEU approves agreement on exchanging credit data

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MOSCOW, 24 June (BelTA) – The Board of the Eurasian Economic Commission approved the finalized draft agreement on the exchange of data that make part of credit reports between the Eurasian Economic Union (EAEU) member states on 23 June, BelTA learned from the press service of the Eurasian Economic Commission.

“The agreement will help create equal conditions for residents of all the EAEU member states who apply for loans in the territory of another EAEU member state. In addition to that, the document will enable banks to adequately assess risks while considering loan applications of residents of other member states. This will stimulate the development of trans-border lending in the EAEU,” the press service noted.

The agreement provides for the opportunity for residents of the EAEU member states to request and receive their credit reports from their home country while applying for loans in other member states. The document sets forth the mechanism, procedure and terms for exchanging the data that make part of credit reports and the minimal information subject to cross-border exchange. In addition to that, the document defines the main principles of protecting the rights and legal interests of consumers and suppliers of financial services (when it comes to lending) and the scope of authority of agencies regulating the financial markets of the EAEU member states.

“After approval by the Council of the Eurasian Economic Commission, the draft agreement will be forwarded to the member states for inter-state procedures that are needed for signing the document,” the press service noted.

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