Black list of debtors of commercial banks abolished in Georgia

A "black list" of Georgian bank debtors has been scrapped, Business
Georgia reports. A memorandum between Credit Info Georgia and
commercial banks has been issued. The document deals with the
management of a common credit database.

Creating a unified database of credit information promotes the growth
of lending activity, availability for loans and the transparency of
the financial sector, the president of the Georgian National Bank,
George Kadagidze said. The approach to customer information is being
fundamentally changed. In particular, there will be no more separate
so-called "black lists", and a single customer's credit history, which
will include all completed and all unfulfilled obligations will be
created instead.