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of October 28, 2016 No. 384-VQ

About credit bureaus

(as amended on 29-10-2021)

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.

Chapter 1. General provisions

Article 1. Law purposes

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.

Article 2. The basic concepts used in this Law

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;

2.0.4. debt - the debt resulting from the issued credits, the allotted credit lines, the credits which are written off from balance, guarantee, the guarantee, bills of exchange registered of the cost of the goods taken by installments, transactions of leasing and factoring;

2.0.5. information base of credit stories - the information resources of credit bureau which are based on the information systems meeting the requirements established by the Law of the Azerbaijan Republic "About personal data";

2.0.6. the credit report - the data provided to users of information from credit history for the purpose of and amount, the allowed this Law;

2.0.7. the supplier of information - the subjects supplying credit bureau with data directly or by means of the Elektronnoye Pravitelstvo portal and specified in articles 12.1-12.3 of this Law;

2.0.8. the user of information - the subjects specified in article 13.2 of this Law, having the right to receive credit reports from credit bureau;

2.0.9. the body controlling the financial markets - the structure created by relevant organ of the executive authority for the purpose of control and regulation in the financial markets (further - monitoring body);

2.0.10. the centralized credit register - the centralized credit register created in monitoring body;

2.0.11. positive information - any information which is positively characterizing executive discipline on debt obligations and solvency of the subject of credit history since emergence of its debt obligation;

2.0.12. the negative information - any information which is negatively characterizing executive discipline on debt obligations and solvency of the subject of credit history since emergence of its debt obligation.

Article 3. Legal basis of activities of credit bureaus

3.1. Legal basis of activities of credit bureaus is constituted by the Constitution of the Azerbaijan Republic, this Law, other regulatory legal acts, acts of normative nature of monitoring body, and also international treaties as which supporter the Azerbaijan Republic acts.


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