Clean slate for 600,000 blacklisted debtors
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The records of 600,000 debtors who have defaulted on payments for more 90 days and who have been on the National Credit Bureau's database for eight years or longer will be removed from the data base.
Bank of Thailand’s Assistant Governor Ranadol Numnon said Wednesday that the decision is part of the Credit Information Protection Committee’s agenda to alleviate the financial difficulty of debtors.
The debtors would be automatically deleted from the system to allow them to secure funds from legitimate lenders and prevent them from having to turn to loan sharks.
However, the committee also raised concerns whether this could lead to more bad loans.
Ranadol said 95 per cent of the 600,000 blacklisted debtors were individuals with overdue debt payments dating back to as long as 1998.
The remaining 5 per cent, however, were corporations that had a relatively low level of outstanding debts.
