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The Bank of Russia and market participants discussing the idea of the need to provide credit score to the borrower when requesting a credit report. Why do we need to know your credit score and could it be improved?
At the request of the credit history of borrowers in the foreseeable future will be able to know your credit score. The amendments of the Central Bank is planning to amend the law "On credit histories". In the West of the borrowers intentionally keep track of your credit score and try to maintain it at a high level. Clients of the Russian banks is not yet so advanced, but over time the practice can become widespread, experts say.
the Above score is below the risk rate on the loan
"the Bank of Russia is discussing with market participants the initiative for the comprehensive modification of the Federal law "On credit histories". Taking into account the international experience are discussed and changes related to scoring points," said Banks.ru in the press service of the regulator.
the Scoring is a tool for assessing the reliability of a borrower credit institution when making decisions about issuing credit. The result of the scoring is given in the form of a score, which is calculated automatically by the system on the basis of different parameters of the credit history. From the point of view of the lender, the higher the scoring point of the client, the lower the level of credit risk. Accordingly, the higher the score, the more favorable terms on the loan the Bank is willing to offer.
"In many Western countries, people take care of their credit score, understand how it is formed and what affects. Russian borrowers is not yet well understand what to do with this information. Many are beginning to be interested in your credit history and credit score only if you are facing some problems. For example, I can't get a Bank loan," says Director of product development Department of the United credit Bureau Boris Vasiliev.
"the Scoring (scoring points) of the borrower — the numeric expression of the level of risk based on information known to the creditor. At present in Russia (as in other countries with a developed retail lending) is the most popular credit score bureaus. That is, the scoring that is built on data from the credit histories of borrowers", — says marketing Director of National Bureau of credit histories (NBCH) Alexey Volkov.
the Scoring point is a number. For example, scoring NCB operates on numeric values in the range from 350 to 850, where a higher number represents a lower risk, i.e., the best credit quality of the borrower.
"Criteria for the evaluation of credit institutions may vary. For example, some banks in assessing borrower's individual focus on a number of criteria, and for some enough information about salary and discharge from the KJV," — said the head of the Department of scoring models and sources of data of the Bank Dmitry Gerasimov.
How to find out your score
Free learn how a Bank evaluates your credit, you can use the service of Banks.ru "the Wizard of selection of loans." "The service is popular, and these are not empty words. Monthly use over 50 thousand customers," says Director of development Banks.ru Roman khalanskaya.
in addition, know your credit score in credit bureaus. So, the ACL provides all citizens who receive the report in either online or through partners, information on personal credit scoring. "The vast majority of borrowers do not understand who and how shapes the score, what factors influence it. Many believe that all creditors and BCH expect scoring only on the basis of availability of information about the long delay in payments. However, each Bureau and lender have their own calculation model, and the score can negatively impact a high debt load, a large number of requests for credit checks over the last six months, a small "age" of credit history (less than one year), and so on", — said Boris Vasilyev.
On a scale of American credit service FICO borrower with scores 690-850 the Bank assesses as the most reliable and ready to offer him a loan on the most favorable terms. Standard conditions will be offered to the borrower with the scores of 650-690. When scoring the score of 600-650 Bank may request additional documents to confirm the solvency. The result of the scoring unsatisfactory, if the borrower has typed 250-500 points, and absolutely worthless in the range from 0 to 250 points.
How to improve your score
Improve credit score in one moment is difficult. However, the increase in the borrower's income, a stable job and successful experience repayment will certainly be regarded by the Bank as a plus. "A key criterion for all without an exception of credit institutions is the credit history of the client. If the borrower is allowed a long delay to obtain a new loan at an attractive rate it will be quite difficult. As for customers with missing credit history, their banks, as a rule, isolated in a separate risk category because to predict the probability of default they have more difficult. However, it is important to note that the lack of experience in lending, of course, is the stop-factor", — says Dmitry Gerasimov.
"Factors affecting the value of scoring Bureau, is obvious enough: it is necessary to have experience servicing a variety of loans, including long-term, as well as the history of their service in strict accordance with the contract. Such borrowers credit score will be higher. If credits are few, they are similar and short-term and it has a history of violating the terms of any regular payment, credit score will be lower," says Alexey Volkov.
"One of the strongest factors of influence on the scoring point is the duration of the tenure of the mobile phone number. If the client owns a phone number for less than a year his credit score is likely to be reduced", — says Roman khalanskaya.
According to the Manager of the special products oneFactor Dmitry Asanova, in addition to the arrears on the loan, you need to avoid any debts by: traffic fines, child support, debts for housing and communal services. He explains that scoring points can be increased, even if you have previously had difficulties with servicing the loan. "Usually, if the borrower has for several years faithfully paid the mortgage or got a job in a stable company, then his credit history will improve," said Asonov.
"Personal scoring is not a guarantee of approval of the loan or more attractive interest rate on it, since the decision about the loan and its conditions remains with the credit institution in accordance with its risk strategy. In addition, credit history is one of the most important factors when deciding on a loan, but not the only one. Lenders also use their own risk assessment system and a variety of additional sources of information that can influence the final decision," concludes Boris Vasiliev.
Anna PONOMAREVA, Natalia STRELTSOVA, Banki.ru
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