On Oct. 11, 2024, RUS CB ord 6775-U on the Procedure for Interaction of Qualified Credit History Bureaus (including among themselves), Credit History Bureaus, Credit History Users, and Other Persons for the Purpose of Preparing and Providing Information on the Average Monthly Payments of the Credit History Subject, Information on the Prohibition (or Removal of Prohibition) on Entering into Consumer Loan (Credit) Agreements, and the Forms for Providing Such Information.
The ordinance enters into force on Mar. 1, 2025 and invalidates ordinance 5704-U and ordinance 6192-U amending ordinance 5704-U from the date of its entry into force
On May 17, RUS CB drafted rules for qualified credit history bureaus.
RUS CB proposed ord on the Procedure for Interaction of Qualified Credit History Bureaus (including among themselves), Credit History Bureaus, Credit History Users, and Other Persons for the Purpose of Preparing and Providing Information on the Average Monthly Payments of the Credit History Subject, Information on the Prohibition (or Removal of Prohibition) on Entering into Consumer Loan (Credit) Agreements, and the Forms for Providing Such Information.
Consultation documents are only available on RUS CB website until comment deadline.
Summary
The ordinance aims to implement the powers granted to RUS CB by the amended articles of law 218-FZ on credit histories implemented by law 31-FZ amending 218-FZ.
The ord establishes procedures for interaction among qualified credit history bureaus (CHBs), and between CHBs and credit history users, for providing information on average monthly payments, prohibitions on entering consumer loan agreements.
The ord details the format and method of providing such information and defines interaction protocols between bureaus and other legal entities and entrepreneurs.
Additionally, ordinance sets the rules for qualified credit history bureaus to request and provide necessary information from/to other qualified credit history bureaus.
Effectiveness
Comments and feedback are expected by May 30, 2024; from the date of entry into force invalidates ord 5704-U on procedure for qualified credit history bureaus, #88992.
Oct. 2024 Ord Issued
On Oct. 11, 2024, RUS CB ord 6775-U on the Procedure for Interaction of Qualified Credit History Bureaus (including among themselves), Credit History Bureaus, Credit History Users, and Other Persons for the Purpose of Preparing and Providing Information on the Average Monthly Payments of the Credit History Subject, Information on the Prohibition (or Removal of Prohibition) on Entering into Consumer Loan (Credit) Agreements, and the Forms for Providing Such Information.
The ordinance enters into force on Mar. 1, 2025 and invalidates ordinance 5704-U and ordinance 6192-U amending ordinance 5704-U from the date of its entry into force
Regulators
RUS CB
Entity Types
Bank; BHC; CRB; MG Orig; MSB
Reference
PR 10/11/2024; Ord 6775-U, 6/27/2024; CP, 5/17/2024; Ord 5704-U, 1/11/2021
