The Federal Law No. 27-FZ as of 03.08.2018 «On the amendments to the Federal Law «On credit histories» came into effect on January 31, 2019.  According to the adopted amendments, a personal credit score is now assigned to Russian consumers.

The credit score is based on a credit history and is calculated automatically. The score depends particularly on such variables as: overdue credits, debt burden level, number of requests on credit history check, credit history age etc.  A higher score raises the chances to get a positive credit decision.

According to the data provided by one of the leading Russian credit history bureau, Unified Credit Bureau, 78% of Russian consumers are assigned with a higher credit score, 9% – with a poor one.  Russian consumers can request their credit histories and from now on also their personal credit scores in credit history bureaus.

The Regulator – Bank of Russia – has developed and launched in autumn 2018 a new public service within the Unified Public Services Portal enabling consumers to find out which credit bureau is keeping their credit histories.  To make an inquiry passport data and personal insurance account number are required. The Bank of Russia sends within 1 working day to the user’s account the name, address, phone number of the related credit history bureau.  To obtain the credit history itself the consumer have to apply to the credit history bureau making a visit or online.

According to the law changes, each Russian individual is now authorized to request two free credit history reports annually.  Previously only one report was provided free of charge.  According to the State Register of Credit History Bureaus on the beginning of February 2019, 13 credit bureaus are registered and operating in Russia. Each credit bureau uses its own methodology of credit score calculation but the Regulator has been discussing the implementation of an unified methodology in future.

Source: A member of BIIA