If you have ever taken out a bank loan, then your credit history will immediately be formed, wherein the data on loans, repayment periods and delays will be stored.
It is important to have a good credit history. This is your positive image for banks and microcredit organizations, which means you will be able to take out large loans to buy a car or apartment.
This article describes how to check your credit history and what services to use to monitor it.
The source of information is a training site Fingramota.kz, implemented by the Agency of the Republic of Kazakhstan for Financial Market Regulation and Development in order to increase financial literacy of the population.
According to the law, once a calendar year, every citizen of Kazakhstan can find out his credit history for free. Upon repeated request within one calendar year, the cost of the service is 400 tenge.
At the moment, we recommend using one of the following methods of obtaining the service online:
In offline mode, the service is provided upon presentation of an identity card:
Credit history is important not only for lending organizations, but also for you. Lenders readily approve loans to people with a positive credit history.And vice versa if you did not pay in a timely manner or stopped paying on past loans at all, then the bank/MFO may not approve the loan. If you have never taken out a loan, then there will be no records in your credit history.
When applying for a loan, creditors request data from credit bureaus. For example, you took out a loan and repaid it right on time. This information is recorded in your credit history. Later, you apply for a loan at another bank, which sees that you repaid the previous loan on time, and perceives you as a responsible client. Any creditor wants to be sure of the return of the issued funds and lend to reliable people. This is why it is important to keep track of your credit history.
If you received a credit report and found incorrect information in it, please report it to the bank/MFO and attach supporting documents.
You can also dispute information in your credit history through a separate free online service of the First Credit Bureau on the 1cb.kz or fingramota.kz portal.
This service allows the PCB to send a request to the information provider to verify the correctness of the information provided in the database of the credit bureau. At the same time, in case of adjustments to previously transmitted data by the information provider, the PCB will provide you with a corrected credit report. You can challenge a personal credit report, the issuance period of which does not exceed ten working days.
Question No.1. Does a credit report reflect the receipt of deferred payments on loans and social benefits?
The extension, prolongation, and restructuring of the loan are reflected in the credit history, however, the postponement of payments on bank loans and microloans, as well as social assistance for citizens who have lost income due to the introduction of a state of emergency and quarantine, are not grounds for deterioration of the borrower's credit history.
The issues of granting a loan are resolved by second-tier banks independently, based on the capabilities of the borrower and the bank's credit policy. In accordance with the Law "On State Regulation, Control and Supervision of the Financial Market and financial organizations", the authorized body has no right to interfere in the activities of financial organizations, except in cases provided for by legislative acts of the Republic of Kazakhstan.
Question No. 2. Can the banks deny issuing a loan if the credit history has “deteriorated”?
Yes, they can. The most common reason for loan denial, which is reflected in the credit history. The credit history is the borrower’s file, which contains records of your credit obligations. When did you apply for a loan and for what amount? Did you pay on time or with a delay? Have you applied for loans to the other banks? Were you a co-borrower or guarantor? All this is entered into the credit history database. When applying for a loan, the bank requests information about a potential client from credit bureaus.
By the way, you may also be denied in receiving a loan if there are unpaid fines, alimony arrears, tax arrears, etc.
Question No. 3. How do banks decide to issue a loan?
It is important to note that each lender has its own lending policy and different criteria that the lender pays attention to. Before making a decision to issue a loan, banks assess the financial condition of a potential borrower to determine his creditworthiness, solvency, and financial stability. Banks holistically assess the stability and size of their clients' income.
For banks, it is important to have an official income, the continuity of pension contributions over the past six months, the absence of other negative information discovered as a result of checking the borrower, the availability of collateral, etc. Banks also calculate the client's debt burden. If the total income of the client, taking into account the debt burden, is not enough to make payments on loans, the automated scoring system in most cases may refuse to issue a loan. It is important to note that credit bureaus do not make decisions on granting loans and do not prohibit lending.
Question No. 4. Where can I refer to about the bank's denial to issue a loan?
On the issue of loan denial, potential borrowers should contact second-tier banks for advice and clarifications. If the bank denied considering your appeal and the dialogue with the bank turned out to be ineffective, you can contact the Agency of the Republic of Kazakhstan for Financial Market Regulation and Development:
to the Office of Regional Representatives of the Agency based on by territorial affiliation.
Question No. 5. How long is credit history stored?
In accordance with the Law "On credit bureaus and formation of credit histories in the Republic of Kazakhstan", a credit bureau ensures the storage of information in relation to the subject of credit history for 5 years after the date of receipt of the latest information about it. The borrowers' credit histories is not allowed to be destroyed.
This article defines the procedure and duration of information storage (without limiting the maximum storage period and/or the obligation to delete such information by the Credit Bureau). However, in order to consider the credit history in a long-term retrospect, and not infringe on the rights of borrowers who have been overdue recently, but who had a positive credit history in the past, based on the special consent of the credit history subject, it is possible to provide information for the entire period of credit history formation.
Question No. 6. Can negative credit history be adjusted?
If you have a bad credit history due to previous delinquencies, the only way to improve this is to start creating new positive records in your credit history. We recommend that you improve your credit history by starting with small loans, paying them on time, and thus improving your credit history. You can also use the Revit service on the website and in the mobile application 1cb.kz. A mathematical model based on your credit history and income will create a pool of individual recommendations, the implementation of which will lead to an increase in your credit rating, and hence your credit history.
Question No.7. Can negative information be removed from credit history? Should you trust the organizations offering this service?
If someone offers you to "improve" your credit history for a fee or remove negative information from your personal credit report, do not believe it as they are scammers! There are times when fraudsters take loans using someone else's documents. Therefore, we recommend checking your credit history once a year, even in the absence of the loans.
By the way, according to the law, once a calendar year, every citizen of Kazakhstan can get their credit history for free: in a credit bureau, there are two of them: the State Credit Bureau and the First Credit Bureau.
Question No.8. How to rehabilitate your loans?
The credit bureau assigns the "rehabilitated" status to a loan (bank loan or microloan) that has been overdue for more than 90 days. For example, if, as of January 1, 2024, a borrower has repaid overdue debt on a loan, where the number of days overdue is 90 days or more, and during 2024 he did not allow delays on other loans for more than 30 calendar days, then as of January 1, 2025, the credit bureau must assign the loan the status of "rehabilitated". However, it should be borne in mind that assigning the "rehabilitated" status does not guarantee the borrower to receive a new loan, since the days of delay remain in the credit history and are not deleted even when assigning the "rehabilitated" status. Based on this information about overdue days, the bank can refuse loans, even with the status of "rehabilitated".