Reform Aligned with IMF Commitments
On October 8, the Verkhovna Rada of Ukraine adopted in the first reading the draft law No. 14013 “On Credit History” — a key legislative initiative provided for by the Memorandum on Economic and Financial Policy with the IMF.
The new bill is designed to replace the outdated Law “On the Organization of Formation and Circulation of Credit Histories” and introduce a modernized system of regulation, supervision, and data protection in Ukraine’s credit market.
According to the explanatory note, the reform aims to:
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strengthen borrowers’ rights protection;
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improve information exchange between financial institutions;
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enhance data quality and reliability across the credit market;
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and ensure state oversight through the National Bank of Ukraine (NBU).
Key Innovations of the Draft Law
The document fundamentally updates how credit history data will be created, maintained, and shared in Ukraine.
1. Expanded access and transparency
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Broadens the list of entities authorized to use credit histories;
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Establishes clear legal grounds for credit bureaus to disclose information that may constitute banking or financial secrecy.
2. Updated rules for loan assignment
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Introduces improved procedures for updating credit histories in case of transfer or reassignment of loan rights, particularly when a creditor leaves the market.
3. Cross-border data exchange
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Defines a list of countries with which the exchange of credit information is allowed;
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Explicitly prohibits data exchange with credit bureaus from the aggressor country.
4. Licensing and ownership structure
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Establishes detailed requirements for authorization of credit bureaus;
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Sets criteria for owners of significant participation and for management personnel.
5. Strengthened NBU supervision
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Grants the National Bank of Ukraine enhanced supervisory powers over credit bureaus;
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Allows the regulator to apply corrective and enforcement measures for violations.
6. Public Register of Credit Bureaus
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Creates an electronic open-access register to ensure transparency and public confidence in the credit history system.
Expected Impact
The reform is expected to:
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improve credit market transparency and consumer confidence;
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facilitate access to finance for individuals and businesses;
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strengthen Ukraine’s compliance with EU and IMF financial standards;
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and lay the groundwork for cross-border financial data integration with European partners.
The adoption of the draft law is another step in modernizing Ukraine’s financial infrastructure, aligning it with international best practices in digital finance and data governance.
