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WHAT IS CREDIT RECORD AMNESTY? HOW TO APPLY?

What is Credit Record Amnesty?

Credit record amnesty is a legal regulation that provides individuals and institutions that have fallen into legal pursuit due to their inability to pay their debts to banks or other financial institutions with the opportunity to clear their records.

In Türkiye, the record amnesty was first implemented with Law No. 5834 published in the Official Gazette in 2009. Within the scope of this regulation, the negative information in the Central Bank records of debtors who pay or restructure their liabilities such as credit card debt, bad checks or protested promissory notes within 6 months is deleted and these records are not taken into account in credit evaluations. However, as stated by the Turkish Banking Association, banks are not required to delete the records in their own systems. For this reason, some banks may continue to take these past records into consideration when evaluating credit applications.

The credit record amnesty application, which has been updated at regular intervals since 2009, is valid within the periods specified in the law. In this way, individuals and institutions who pay or restructure their debts are freed from the effect of negative records arising from past payment problems and have the opportunity to use credit again. Thus, debtors who are relieved of their negative credit record can re-enter the financial system without facing credit usage restrictions that would normally last up to five years.

What are the Types of Credit Record Amnesty?

Credit record amnesty applications are divided into various categories in terms of their scope and target audience. We can list these categories as follows:

• General Credit Record Amnesty: This is the most widely applied type that covers all debtors.

General credit record amnesty is a wide-ranging regulation that covers all individual and commercial customers, regardless of sector or debtor type. This regulation includes all real and legal persons with outstanding debts by the date specified in the law.

Millions of individuals and businesses whose commercial activities have been disrupted due to their damaged credit records have the chance to rejoin the financial system thanks to these regulations. For example, approximately 11.5 million individuals and 2.3 million companies that paid or restructured their debts within the specified period benefited from the credit record amnesty introduced by Article 33 of Law No. 6770, which entered into force in 2017. In this way, citizens and businesses that have organized their debts have been removed from the blacklist and have been able to re-establish credit relations with banks.

The most important feature of the general amnesty is that it offers everyone who wants to pay or restructure their debts, regardless of whether they are individuals or businesses, the opportunity to correct their credit records. However, in order to benefit from this opportunity, the necessary payments must be completed within the period specified in the law. For example, A period of six months was granted within the scope of the amnesty in 2017 and almost nine months within the scope of the amnesty in 2022. Debts that are not closed within these periods are excluded from the scope of the amnesty.

• Tradesman and SME Registry Amnesty: These are practices specifically designed for businesses in certain sectors.

Tradesman credit registry amnesty is an important regulation that enables small business owners who have difficulty fulfilling their financial obligations to re-enter the banking system. Within this scope, the negative records of tradesmen who pay or restructure their debts within the specified period are not taken into account in credit evaluations.

In addition, it is planned to establish a "Tradesmen Security Fund" in order to increase the economic security of tradesmen. Thanks to this fund, it is envisaged that tradesmen who pay regular premiums for at least two years will have a certain income security even if they are forced to close their businesses. Although this fund system has not yet been fully implemented, record amnesty regulations for tradesmen and SMEs continue to be of vital importance in terms of reintegrating small businesses into the financial system.

• Sectoral Credit Record Amnesty: These are special regulations aimed at the needs of small and medium-sized enterprises and tradesmen.

Sectoral credit record amnesty is a special regulation aimed at deleting the debt records of individuals or businesses operating in a certain professional group. In particular, such regulations are needed to facilitate access to financing for businesses during times of economic fluctuations or natural disasters in sectors such as construction, agriculture, tourism and textile.

There has not been a record amnesty law specifically issued for a single sector so far. Existing regulations are generally general regulations covering all sectors. For this reason, sectoral problems are mostly addressed within the scope of general record amnesty. For example, with the general record amnesty issued in 2022, debtors in the agriculture, tourism and retail sectors experiencing economic difficulties were also included in the scope.

Recent statements by sector representatives show that demands for sectoral record amnesty have increased and that the issue concerns large masses. Chambers of commerce and industry and stock exchange representatives emphasize that the scope of record amnesty should be expanded to include not only individual debtors but also manufacturing companies and specific sectors. For this reason, the issue of sectoral record amnesty becomes even more important, especially during periods of economic crisis, and is expected to be on the agenda more frequently in the near future.

Which Debts Are Covered by Credit Record Amnesty?

Credit record amnesty covers all negative records kept by financial institutions and credit unions. To understand whether a debt is amnesty, it is necessary to check the Risk Center records. Below, we will examine in detail the types of debts that are subject to credit record amnesty:

• Credit Debts (Cash Credits): Delays in the payment of individual or commercial credits received from banks or financial institutions are within the scope of the amnesty. These credits include all types of credits such as individual needs, housing, vehicle, business and tradesman credits.
• Credit Card Debts: All unpaid and legally pursued debts on both individual and commercial credit cards are evaluated within the scope of the amnesty.
• Bad Check Debts: Checks that are dishonored when presented to the bank are recorded as negative in the Turkish Banks Association Risk Center records. The amnesty law ensures that these records are deleted if bad checks are paid by a specified date.
• Protested Bills: Bills that are not paid when due and protested through a notary are also within the scope of the amnesty. When the debt is paid, the protest records are deleted.
• Non-Cash Credit Debts: Unpaid debts arising from non-cash credits such as letters of guarantee, suretyship and letters of credit are also included in the scope of amnesty. For example, debts that arise when a bank fails to repay the amount of the letter of guarantee paid on behalf of its customer fall into this category.

As an important note, it should be noted that public receivables such as tax debts, administrative fines and SSI premium payments are excluded from this amnesty. The main purpose of the credit record amnesty is to ensure that negative credit history records kept in the Banks Association Risk Center are deleted when certain conditions are met. Therefore, in order for any debt to be included in the amnesty, it must be included in the Risk Center records and meet the conditions specified in the law.

How to Benefit from the Credit Record Amnesty?

The process to benefit from the credit record amnesty is quite simple. Within the period specified by the law, the debts included in the scope must either be paid in full or restructured. The application process includes the same basic steps for both individual debtors and tradesmen, and is explained in detail below.

How and Where to Apply to Benefit from Credit Record Amnesty?

In order to benefit from credit record amnesty, you must apply directly to the financial institution where you have a debt. The application must be made to the relevant bank or financial institution, not to a central government institution. You must make your application to the relevant bank branch or call center and state that you want to pay your debt within the scope of credit record amnesty.

Banks usually track these situations in their own systems and notify their customers. However, it is important for the debtor to be proactive and apply to the bank in order to speed up the process. Upon your application, the bank will inform you of the total amount to be paid and the due date. After you make your payment, the bank will notify the Risk Center and inform you that your debt has been closed. If you choose the restructuring method, you must comply with the payment plan in order to benefit from the benefits provided by the amnesty.

What are the Credit Record Amnesty Application Requirements?

Credit record amnesty applications are made directly to the bank or financial institution where the debt is located. The following conditions must be met for the amnesty to be applied:

1. Determination of Debt Status: Individuals or businesses that want to benefit from credit record amnesty must first clearly learn their debt status. You can obtain this information in two ways:
• Directly from the relevant financial institution
• Through a report from the Turkish Banks Association Risk Center



Individuals can learn their credit records free of charge four times a month via the e-Government system. Legal entities can access their debt statements by applying to www.riskmerkezi.org. Risk center reports received via e-Government generally contain more up-to-date and detailed information.

2. Obtaining Documents: The person or institution paying or restructuring the debt must obtain a letter from the relevant institution indicating that the transaction has been completed. In addition, a petition requesting that the negative records not be taken into consideration must be submitted to the bank in accordance with Article 73/A of the Banking Law No. 5411.

You must have the following documents ready when applying:

• National ID card or valid identity document
• Payment receipts
• Petition


3. Payment or Restructuring: Credit record amnesty laws specify a specific due date. You can pay the debt in full within this period or make a restructuring by reaching an agreement with the bank. Both options are valid in terms of the law. For example, you can reach an agreement with the bank to pay your credit card debt in installments.


4. Notification and Application to the Bank: After you pay or restructure your debt, you technically become eligible to benefit from credit record amnesty. At this stage, you do not need to apply to another institution, but it is important to obtain documentation indicating that the debt has been paid and to ensure that the bank processes it into its system. The document submitted to the bank for this purpose is called a "record amnesty petition". With this petition, you request that your past debt information not be taken into account in credit evaluations within the scope of the Banking Law No. 5411.

Important Note: Credit record amnesty does not erase the principal or interest of debts. This is not a debt amnesty, but a record amnesty. As long as you do not pay or restructure your debts, the negative marks on your record will continue. Therefore, you must pay or restructure your debts within the specified period.

To summarize;

•   Credit record amnesty is a legal regulation that provides individuals and institutions that have fallen into legal pursuit by not paying their debts with the opportunity to clear their records.
•   The amnesty covers credit card debts, bad checks, protested promissory notes and other financial liabilities.
•   Applications are made directly to the relevant bank or financial institution, and debts need to be paid or restructured.

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Certified Public Accountant