Ulaanbaatar
State Great Khural Endorses Credit Ratings to Improve Citizens’ Financial Planning
Politics
Ulaanbaatar,
August 13, 2025 /MONTSAME/. Although borrower information is
centralized in a database under the current legislation of the Law on Credit Information
of Mongolia, the utilization of the information or the approval of scoring
methodologies by the authority has not been regulated.
Therefore,
the Law on Amendments to the Law on Credit Information introduces new regulations,
including the determination of borrower creditworthiness, the setting of product
and service fees, the use of credit information exclusively for assessing creditworthiness,
and the prohibition of using such information for purposes not specified in the
law.
With
the adoption of the Law, citizens will be encouraged to develop a culture of
understanding their credit scores and making timely payments to improve them.
This will help individuals plan their business finances more effectively, enhance
financial discipline, correct any inaccuracies in the credit database, and
prevent other risky financial behaviors.
The
credit information database contains data on loans and payment obligations of
government and private sector organizations, citizens, and enterprises. The
data is supplied from 12 banks, 436 non-bank financial institutions,
telecommunications companies, ministry and agency-managed funds, and savings
and credit cooperatives. According to the Media and Public Relations Department
of the State Great Khural (Parliament) of Mongolia, the database stores loan information
of 1.6 million citizens and 19,600 enterprises as of this year.
