Law of Uzbekistan “On exchange of credit information” was prepared to further improving financial-banking infrastructure.

The law is directed at creating effective system of credit information exchange and providing information on state of credit deals, execution of responsibilities on them, and other information, which will help to determine solvency, financial state, paying capacity, payment discipline and other qualities of credit information subjects.

The law consists of 28 articles. The law includes main concepts, related to credit information exchange, order of the state registration and issue of licenses, determine rights and liabilities of credit bureaus, suppliers, users and subjects of credit information, authorities of the Central Bank on regulation and supervision of the activities of the credit bureaus.

The law also determines that other credit organizations, pawnshops and micro credit organizations, leasing companies and insurers should be attracted to process of credit information exchange along with commercial banks.

At the same time, it is important to protect credit information. During the credit information exchange, the information is gathered and stored, as well as protected by the law. It is vital to prevent dissemination of credit information to third parties. The law envisages licensing of the credit bureaus activities.