Head of Credit Information Unit: Mr. BAASANDORJ.B
The Bank of Mongolia retains a credit database to reduce credit risk and the accumulated bad loans and debts of financial intermediary organizations, as well as to ensure the financial sector's stability by improving borrowers' financial discipline. The Bank of Mongolia's Credit Information Unit will perform the following obligations:
- Establish, maintain, and operate a credit database in accordance with Section 28.1 of Article 28 of the Credit Information Law;
- In accordance with applicable laws and regulations, review and make decisions on granting, refusing, extending, suspending, revoking, and restoring special licenses for credit information activities;
- Improving the legal framework that governs credit information policies and activities
- Implementing international standards and developing credit information activities in collaboration with credit information providers, consumers, banks, financial institutions, international banks, and financial institutions, system strengthening and upgrading, software improvement, public understanding and knowledge protection, customer protection, and internal cooperation
- Preparation and processing of reports and news based on the Bank of Mongolia's credit database;
- Ensuring that information providers and users are providing credit information in accordance with credit information laws;
- Processing applications, complaints, and requests from citizens and businesses regarding the operation of the credit database;
- Organizing trainings and raising public awareness of the credit information system, legal framework, and the purpose;
- Make recommendations to the Bank of Mongolia's Board of Directors to improve the operations of credit information service providers;
- Supervising the activities of credit information service providers;
- To take legal action against individuals who provide credit information services without a special license from the Bank of Mongolia.