Credit bureaus (CBs) may be required to record borrowers with debts in various banks and microfinance organizations (MFIs) who have started the process of comprehensive debt settlement. This will allow borrowers who have defaulted on loans to organize restructuring agreements with multiple creditors. With one application, clients will be able to increase the repayment period of loans, which will help reduce or postpone payments, change payment dates, and cancel accrued penalties and write off the debt partially or completely.
The head of the consumer protection and financial services accessibility service of the Central Bank, Mikhail Mamuta, stated that this innovation will in most cases allow creditors to agree and settle the debt in order to avoid the client's bankruptcy. In 2023, the Central Bank of the Russian Federation recommended that banks offer this option and issued a standard procedure for comprehensive settlement. Amendments to the legislation are currently being developed, which will oblige credit institutions to provide this option to clients. The bill is planned to be submitted to the State Duma in the spring session of 2025.
The Central Bank confirmed that information on the start of debt settlement will be reflected in the borrower's credit history. This will avoid uncoordinated actions by different creditors and ensure a common understanding of the start and end dates of the process.
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