The service, which prohibits making loans, has already been used more than 6.3 million times. Kazakhstanis use “Stop Credit” to protect themselves from fraudsters, NUR.KZ reports.

The Voluntary refusal to receive bank loans and microcredits service, or, as it is also called, “Stop Credit”, has been available to Kazakhstanis for several years.

With it, you can restrict the ability to apply for loans in your own name for free. If this service is enabled, no bank or microfinance organization (MFO) shall be entitled to issue new loans to the customer.

As noted by the FinGramota media portal, Stop Credit has already been used more than 6.3 million times.

Why do Kazakhstanis apply for Stop Credit

There are many situations when a loan is issued to a person without his knowledge. For example, he could have lost his identity card or simply handed it over to a third party. An unscrupulous person may try to use the document to apply for loans in someone else’s name.

Kazakhstanis are often attacked by fraudsters who try to obtain confidential information and apply for a loan to their victim.

However, with a voluntary ban on issuing loans, these schemes will not work, because when the service is enabled, the citizen will be refused a loan, even if he applies in person.

Simply put, Kazakhstanis apply for “Stop Credit” in order not to deal with the consequences and prove to the bank that the loan was fraudulent, but to prevent the issue even before it occurs.

It can be useful to ban loans in different situations:

• if you sent a copy of your identity card to a potential employer, and later had doubts about the reliability of the company;
• if personal data or bank card details were entered on suspicious websites during online purchases;
• if you clicked on questionable links where you were asked to “confirm” delivery, payment, or receipt of winnings;
• if your personal data could get to third parties as a result of information leakage or database hacking;
• if you have lost your documents or suspect that unauthorized persons have copies of them;
• if you want to additionally protect yourself from fraud attempts to apply for a loan in your name.

How to activate Stop Credit correctly

You can activate the service in a few minutes. To do this, go to the E-Government website or the eGov Mobile app and find the Voluntary refusal to receive bank loans and microcredits service, fill it out and sign it using an electronic digital signature (EDS).

After that, the ban on loans is automatically triggered. Banks and MFIs will not be able to issue a loan, and even if for some reason this happens, then by law they will have to write off this loan, since a mistake occurred on their part.

Important: you can connect Stop Credit only through the E-Government portal, the eGov Mobile app, or the website of the First Credit Bureau. If someone sends a link to register a service, in no case should you click on it – it was sent by scammers.

We also remind you that the voluntary credit refusal service does not cancel all previous loans – they will have to be paid as before. New loans are prohibited, but if desired, the service can be turned off at any minute – you just need to use it again.