From October 1, 2027, banks and microfinance organizations will transmit data on loans to credit history bureaus to notify borrowers on State Services

From October 1, 2027, banks and microfinance organizations will be required to promptly transmit information about consumer loans and borrowings to credit history bureaus.

Credit history bureaus will immediately send the information received to the borrower’s personal account on State Services.

The new measure will allow the borrower to refuse debt obligations during the cooling-off period if the loan was issued by fraudsters or impulsively.

MOSCOW, September 26 - RIA Novosti. From October 1, 2027, banks and microfinance organizations will have to promptly transmit information about consumer loans and borrowings to credit history bureaus, and they will immediately send them to the borrower’s personal account at State Services, the Bank of Russia reports.

“From October 1, 2027, banks and microfinance organizations (MFOs) will have to promptly transmit information about consumer loans (including credit cards) and loans to credit history bureaus. And they, in turn, will immediately send them to the borrower’s personal account at State Services,” the message says.

It is noted that the new measure will increase citizens’ awareness of debt obligations that have arisen and will allow the borrower to refuse them during the cooling-off period, if the credit or loan was issued in his name by fraudsters, or it was issued impulsively.

In addition, the notice of the issued credit or loan must indicate individual conditions, interest rate, amount of debt or credit card credit limit and repayment period.

If the amount exceeds 50 thousand rubles, information will be included about the possibility of refusing to receive a loan and a period will be indicated, accurate to the minute, during which you need to contact a bank or microfinance organization.