The citizens call the credit database of Bank of Mongolia “black list”. If a citizen delays the loan payment received from any bank or non-bank financial institution, the name is included in this list and the opportunity to get another loan will be limited.
On the occasion of the 100th anniversary of the establishment and strengthening of the modern banking system in Mongolia, the Bank of Mongolia decided to update the information in this list. In other words, it will update the information of citizens who have been on the "black list" for not paying their loans on time, but paid their payments in full later.
The Bank of Mongolia will make this update on June 6. Before that, banks and NBFIs need to transfer the borrower's information to the Bank of Mongolia. After that, the credit reference information will be updated on June 7, 2024.
This work is being carried out in order to reduce difficult situations of herders, the long-term negative effects of the Covid-19 epidemic on Mongolia's socio-economics, to maintain the equality and accessibility of financial services, and to support economic recovery.
The citizens call the credit database of Bank of Mongolia “black list”. If a citizen delays the loan payment received from any bank or non-bank financial institution, the name is included in this list and the opportunity to get another loan will be limited.
On the occasion of the 100th anniversary of the establishment and strengthening of the modern banking system in Mongolia, the Bank of Mongolia decided to update the information in this list. In other words, it will update the information of citizens who have been on the "black list" for not paying their loans on time, but paid their payments in full later.
The Bank of Mongolia will make this update on June 6. Before that, banks and NBFIs need to transfer the borrower's information to the Bank of Mongolia. After that, the credit reference information will be updated on June 7, 2024.
This work is being carried out in order to reduce difficult situations of herders, the long-term negative effects of the Covid-19 epidemic on Mongolia's socio-economics, to maintain the equality and accessibility of financial services, and to support economic recovery.