UTN Advocates Credit Bill Reform to Ease Debt Burdens
Friday, 11 October 2024, 13:59
UTN Advocates for Essential Credit Reform
The party's deputy leader Anucha Burapachaisri and key members recently highlighted the urgent need for reforming the Credit Information Business Act BE 2545 (2002). They noted that five million individuals are struggling due to adverse credit data collection methods, exacerbated by the financial fallout from the Covid-19 pandemic.
Key Reforms Proposed
- Instant removal of negative credit records after six months of consecutive repayments.
- Shift from complete credit histories to credit scoring systems.
- Free access to credit scores for borrowers.
The UTN Party aims to enable easier access to legitimate loans for individuals burdened by bad credit, with a focus on fair lending standards and borrower education.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.