On August 24, 2022, MICOA held a meeting with the Bank of Mongolia to discuss the measures to be taken after the termination of inquiries from the credit information database. A total of 12 representatives from MICOA and operators participated in the meeting.
B. Baasandorj, head of the credit information department of the Bank of Mongolia, announced that starting October 1, 2022, Titan CRA and Buren Score, licensed by the Bank of Mongolia, will begin offering credit report information to businesses. This transformation aims to increase the use of technology-based intelligent solutions and provide improved access to financial information.
The primary product provided by these companies is a credit score, a credit risk assessment developed based on international methodology. The score will help financial institutions make rational decisions, contribute to the growth of the financial market, reduce the consumer debt burden, and improve loan repayment.
MICOA has requested the Bank of Mongolia to cooperate with the two companies on developing the fee structure for credit reports, communicate information about the two new service providers and relevant changes to the e-Mongolia platform to consumers, and provide a written response regarding these requests. The Bank of Mongolia has committed to conveying the request to the relevant parties and providing their response.