Belarus Introduces Changes To Loans And Credit Reports

• 2.10.2025, 12:05

The National Bank reported the details.

Belarus is introducing changes on the issuance of loans, reports Natsbank. The changes will work from November 22. The regulator specifies that the innovations are introduced to combat fraudsters.

Banks are obliged to conclude loan agreements on the next business day after applying for a loan. Another option is to provide money on the next working day after the conclusion of the contract.

"In the case when the bank directly transfers credit funds to the seller's account, this requirement does not apply," the National Bank clarifies.

Banks will look at activity on a person's credit history. "In cases where they request a credit report, not only its content will be analyzed, but also the number of requests for the report over the last 7 days," the National Bank explains. - Also, banks will inform citizens about the forms and methods of fraud by third parties under signature before concluding a credit agreement".

We will remind, in 2015 the National Bank launched a credit rating of the population. The regulator began to give "grades" to those who want to take a loan. Based on these assessments, borrowers are categorized from A1 (ideal borrower) to E3 (a person to whom it is better not to give a loan). When deciding whether to grant a loan, banks are guided by these categories, among others. This methodology is called a scoring model, and it is used all over the world. It takes into account, among other things, whether there have been any overdue payments on loans, whether the person has other loans, whether he or she is a guarantor for someone else.