Who is not at risk of being on the "blacklist" when having credit debts?

President of Azerbaijan Ilham Aliyev approved amendments to the law "On Credit Bureaus". According to the changes, legal entities and individuals engaged in entrepreneurial activities without establishing a legal entity, who sell goods on credit in Azerbaijan, are exempted from the obligation to provide information to credit bureaus, even if their credit sales turnover exceeds 100,000 manats in a calendar year.

As reported by BAKU.WS, this was announced by deputy Vugar Bayramov.

According to him, previously entrepreneurs in this category were required to provide credit histories of their clients to at least one operating credit bureau.

"Usually, providing information related to credit history required administrative procedures, time, and expenses. On the other hand, monitoring compliance with these obligations was not so simple, and enforcement was a complex mechanism," emphasized the parliamentarian.

Bayramov notes that the new amendments will, on one hand, simplify rules for companies and citizens and prevent deterioration of their credit histories due to such operations.

"On the other hand, the new rules will relieve citizens from the need to go through administrative procedures in this area, allowing them to save money and avoid getting on creditors' 'blacklists' for this reason. It is expected that this will also increase activity in this area and expand the volume of buying and selling," concluded the economist.