The Bank of Russia expects high demand from citizens for self-imposed credit bans. This was stated by the head of the Central Bank, Elvira Nabiullina.
According to her, many Russians fear the actions of fraudsters who can take out loans in their name without consent. The Central Bank will carefully monitor the operation of the new service to ensure its proper functioning.
From March 1, 2025, citizens will be able to set a ban in their credit history on concluding consumer loan agreements, including overdrafts and credit card issuance. This will block attempts by fraudsters to take out loans through banks or MFIs. However, the ban does not apply to targeted products: mortgages, car loans (with collateral of the vehicle), educational loans (with direct transfer of funds to educational institutions), and guarantees.
The self-imposed ban does not affect transactions on already issued credit cards, as well as repayment of existing debts. This means that even with an active ban, citizens will be able to use their current credit limits and make payments under existing agreements. The decision aims to balance protection against fraud and maintaining access to necessary financial instruments.
The introduction of the mechanism was a response to the increase in cases of unauthorized loan issuance. According to the Central Bank, in 2024, every fifth request to credit bureaus is related to attempted fraud. The self-imposed ban is designed to reduce these risks by providing citizens with a tool to control their financial reputation. However, experts note that the effectiveness of the system will depend on the speed of interaction between banks and credit bureaus and the speed of data updates.
Read materials on the topic:
Russians will be able to ban issuing loans to themselves from 2025
Data at your fingertips: why and how fraudsters hack into the "Gosuslugi" of Russians
