Principle Of Operation Of Credit Bureau.

One of the first credit bureaus was created in May 2003 by the Association of Russian Banks (ARB) and major credit bureau TransUnion. In late 2004, there was one large office, founded by the Interfax news agency and the famous credit bureau Experian.

The law declares that the basic document on which the banks will be able to judge the borrower’s creditworthiness will be the credit report that is «information that characterizes the performance of assumed obligations under loan agreements by the borrower This information should be stored in the credit bureau – a specialized organization that collects and disseminates information about positive and negative aspects of businesses and individuals applying for a loan. According to the law, any bank shall conclude a contract with at least one credit bureau.

Collection and exchange of data between banks and credit bureau is done only with the written consent of the borrower. The bank has the right to request a credit report with the written consent of the borrower and transmit information about an issued credit to the credit bureau – again, only with the written consent of the borrower. In practice, it is simple: a standard application about loan issuance has an additional paragraph that the borrower does not object to verify the data indicated in the application.

If a positive decision is taken and the loan is granted, the bank is obliged to report about it to the credit bureau in the shortest period of time. The standard contract of debt has a separate line that the borrower does not mind to transfer data to the credit bureau. And if the borrower objects, then, in theory, the information is not going anywhere, but…

Here the main “but” appears. Of course, no one cancels the priority of rights of the borrower, but if he does not give consent to transfer credit information to the credit bureau, this can be one and sufficient reason to deny him in obtaining a credit! That is, such a behavior is clearly regarded by banks as an attempt to hide something.

Do you still remember those good times when anybody could take a credit if one required cash? And just imagine the state of those who have to bear that burden nowadays when the economy is facing tough times. And for those people having loans the issue of credit report 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 fast in solving loan related issues. Those who are looking for a place where to find out about credit reports, are invited to visit this credit monitoring site – there is much information about loan monitoring and how to order the service.

Also we haven’t forget about possibilities given to us by modern technologies. The online network gives a truly unique opportunity to find what we require or to get anything at the best price on the market.

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