The shelf life of credit histories of Russians from January 1 was reduced from 10 to 7 years
Photo: Nikolay Gyngazov / Global Look Press
The shelf life of credit histories of Russians from January 1, 2022 has been reduced from 10 to 7 years. This was reported by RIA Novosti with reference to amendments to the law “On credit histories”.
Under the new rules, Russian citizens will also be able to receive, along with their credit history, a credit rating, which will be calculated based on the methodology established by the Bank of Russia. It is noted that before that, such assessments were developed according to the methods of credit bureaus. Such a rating allows a person to understand their chances of getting a loan, and a credit institution – to assess the reliability of a future borrower. At the same time, those citizens who want to dispute information in a credit history will now be able to apply with an application directly to a bank or microfinance organization, and not to a credit history bureau.
Earlier, Nikolai Pereslavsky, an employee of the Department of Economic and Financial Research of the CMS Institute, said that the bank collects information about the borrower before issuing a loan, usually a financial institution has standard procedures for verifying and identifying past debts. The economist revealed to the Russians that such information usually reveals marital status, credit rating and credit history, employer and position at work – for example, whether the employee is planning to quit or whether they want to fire him, how real the declared income is.
