Credit Bureaus: Prize Or A Punishment For The Borrower? Final Part

According to the comment of state financial service on a situation in credit case claim that eventually, granting of information from a bureau of credit histories is a voluntary business, no less than the decision on withdrawal of the personal information from corresponding bases. Hardly the financial system will win in case of mass character of such refusals. So regulators should hurry.

Boom of the data

As of the beginning of March of a the bureau of credit histories database according to Ministry of Justice, contain the information on credit stories about 12 million of borrowers, according to specialists of bureaus there is the information on more than 20 million of borrowers. For example, in the First all bureaus of credit histories by March have saved more than 1,3 million credit reports, as much as in International credit bureaus.

Bankers prepared for creation of bases in advance, including the requirement about granting of the data about the borrower in the contracts since 2005, however the Information on the borrowers who have taken the credit up until that time weren’t present in some of bureaus of credit histories. But banks met this lack, too: a condition of re-structuring or credit prolongation during present time is the consent of the debtor to granting the data about payments to the bureau of credit histories.

Edward Bagir, the head of the International league of protection of the rights of citizens claim that, credit ratings of people which had earlier ideal credit histories went down. And recovering normal level of the financial reputation in the future will be very problematic.

Therefore I would recommend to all borrowers with this problem to address in bureau with the request to exclude the information on them from the register. The bank and bureau should consider circulatuion of the citizen and give it the answer within a month as that is demanded by the Law about the access to information.

Refusal can be appealed judicially. As law warrants to citizens that anybody without their consent can’t accumulate the information on their position: material, financial, property. 90 % of citizens wouldn’t like, that the information on them, their financial possibilities or their families was accessible in similar base and shared with anybody. As it is a personal business of every particular person and no one has the right to violate the law. So as you can see the situation with borrowers and credits is really confusing during the crisis time, however it is also soluble but it demands some time to get everything in order and make it right or the way it was before the crisis. So financial institutions are working at this problem right now and soon we will see some visible positive results of this work.

Can you remember those good times when practically anybody could take a credit if one required funds? And just imagine the condition of those who have to carry that burden nowadays when the economy is facing hard times. And for those people having loans the matter of credit monitoring is as crucial now as never before. It is not only about credit control, this also helps save money, time, and nerves and be quick in solving loan related issues. Those who are looking for a spot where to find out about credit monitoring, are invited to visit this credit report monitoring site – there is lots of information about loan monitoring and how to order that service.

Also we haven’t forget about possibilities provided to us by digital technologies. The online network gives a truly unique chance to find what we want or to obtain anything on the best terms which are available on the market.

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