Credit Bureaus: Prize Or A Punishment For The Borrower? Part 3
In techniques of foreign credit bureaus that fact that the borrower restructures the credit, isn’t an occasion to deterioration of credit history. And here availability of set of credits at one borrower is an occasion to revision of quality of history in a negative side. Because, as a rule, among” eager for credits “people there is a considerable quantity of non-payers”, – notices Bob Wheaten, the general director of one of the credit history bureau.
Whether domestic financiers will follow nevertheless the foreign practice is the big question. Whether the final decision on carrying a problem with return of a debt which has arisen in crisis, on a negative of credit history will accept bank? If the person didn’t have difficulties and misunderstanding with repayment of a loan before crisis and if similar situations don’t arise after crisis, the bank can close its eyes on a negative credit history or delete it from a credit history?
The law about the organization of forming and accounting of credit histories needs to have also corrective amendments regarding a transparency and techniques of forming of credit bureau databases. First, it is necessary to formalize with the mechanism of creation and a history estimation. For today principles of forming of the similar information are registered in the law only. Financiers assure that crisis will correct acting approaches to an estimation of financial reputation of citizens. “Techniques of an estimation of credit histories will be reviewed. Meanwhile we can’t tell, how will change the criteria, but changes precisely will occur”, – believes Bob Wheaten. For example, speech can go about mitigation of negative estimations concerning the borrowers who were trapped in crisis. But what date in this case to consider as the beginning of financial troubles? For example, in International credit bureaus as the beginning of the crisis period considered October, 2008.
Secondly, “amnesty” of those credit histories which quality has gone down owing to crisis can become an exit. For example, if delay with payments on debts has arisen because of a delay with the salary at the enterprise. “Zeroing” of credit histories can’t occur. According to the present legislation, the credit history is stored in bureau throughout ten years “, – considers Bob Wheaten. Therefore to permit process with the negative information which has overflowed bureau because of crisis, it is necessary to do at state level.
Only here is the ill luck – in state supervision sector over bureau reigns chaos. Apparently, meanwhile any of regulators has no accurate vision of development of a situation. “The state laws engaged only in legal registration of bureau of credit histories. We don’t supervise and we do not analyze their activity as the sphere of action of bureau isn’t within the competence of ministry.
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