of October 28, 2016 No. 384-VQ
About credit bureaus
According to Items 10 and 27 of part 1 of article 94 of the Constitution of the Azerbaijan Republic, this Law establishes legal basis of creation and activities of credit bureaus in the Azerbaijan Republic, the principles of forming by credit bureaus of credit histories and uses of data, regulates the rights and obligations of credit bureaus, subjects of credit stories, suppliers and users of information, and also questions of control over credit bureaus.
The purposes of this Law are improvement of opportunities of access to financial services for physical persons and legal entities by forming of long-term information base about accomplishment of the financial liabilities, strengthening of financial discipline in the debt relations and support to ensuring stability of financial system in the country.
2.0. The concepts used in this Law have the following values:
2.0.1. credit bureau - the commercial legal entity registered by the state according to the Law of the Azerbaijan Republic "About state registration of legal entities and the state register" and performing the activities provided in articles 6.1 and 6.2 of this Law;
2.0.2. credit history - irrespective of method and the form of data storage, data set connected with the current and repaid debts of the subject of credit history, providing debt obligations, and also other data necessary according to this Law for assessment of solvency and discipline of execution of debt obligations;
2.0.3. the subject of credit history - physical person or legal entity concerning which credit history is created;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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