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.

Published Date:2025-08-13