Kyrgyz people complain about spoilt credit history. As it turned out, this was done by a company that closed down back in 2021. Akchabar’ continues to receive relevant messages, in connection with which the editorial staff decided to look into it.

Thus, a family from Kyrgyzstan in 2023 made a loan through the terminal of the microfinance company ‘Akchamat’. There was a delay, but on 19 April 2023 the debt was fully repaid, which is confirmed by a receipt of payment signed by the director of the company. The clients were confident that this was the end of their financial obligations.

However, after a while they applied for a new loan to another microfinance organisation and unexpectedly found out that they were in arrears - the so-called penalty in the amount of KGS 3 thousand. This became an obstacle to obtaining a new loan and also affected their credit history.

Additional difficulties arose when clients tried to contact the company. However, Akchamat was officially terminated on 7 February 2025. At the legal address listed in public sources - 96a Kievskaya Street, there is no longer an office and the organisation is no longer accessible. This caused bewilderment and concern among borrowers: where to turn if there are no offices, but the debt continues to be listed?

Attempts to find out the reason led to an unexpected turn: representatives of ‘Akchamat’ in a conversation with the editorial office said that the company stopped issuing loans as early as 17 September 2021. Thus, they deny the fact of a loan issued in 2023. Nevertheless, the client has in his hands an official document with date and signature, confirming the contrary.

Now the borrower is recommended to personally contact the former director of ‘Akchamat’, the issue can be considered in the presence of original documents. However, the situation raises a reasonable question: what should customers do if the company has actually stopped working, but technically continues to be listed in the system, and their debts are displayed in credit reports?

The editorial office sent an official request to the National Bank of Kyrgyzstan to explain how citizens should act in such cases: where to turn, how to protect their rights and whether it is possible to delete erroneous information about the debt, if it was actually repaid.

The first thing to take into account is that forced and voluntary liquidation of a financial and credit organisation does not terminate contractual relations between the borrower and its creditor, i.e. each of them continues to be liable under the concluded agreements. Accordingly, the borrower is obliged to make payments to repay the loan debt.

‘First of all, if a financial company has ceased its activities, but the debt still remains in the system, borrowers should contact the liquidator of this company. Once the liquidation of a financial and credit organisation has commenced, the liquidator takes responsibility for servicing the debts. The contact details of the liquidator should be published in official sources and borrowers can contact him or her directly to clarify debt issues. If the liquidator does not respond or there are doubts about his actions, borrowers can apply to the National Bank of Kyrgyzstan or to the court to protect their rights,’ the NBKR told us.

In our case, it was not possible to find contacts of the liquidator.

Thus, if after contacting the company or the liquidator the debt continues to have a negative impact on the borrower's credit history, the borrower has the right to apply to the credit bureau with a request to correct the distorted or inaccurate data. The law obliges credit bureaus to correct information if the error was not caused by the borrower's own actions. Thus, borrowers can request suspension of delinquency records or correction of incorrect information in their credit history.

In turn, the National Bank of Kyrgyzstan continues to monitor the process of liquidation of financial and credit organisations to ensure that the rights of all parties are respected. In case of problems with the liquidator or if additional information is needed, borrowers can send a complaint or request to the National Bank, which will act within the framework of the legislation to protect the interests of citizens.