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Credit Information Regulations in Russia:  Who has the Right to See a Credit History?

flag of Russia A.300jpgRussian citizens, as well as companies residing in the Russian Federation have the right to view their own credit history.  However if somebody wants to review credit history of a third person (company or consumer), prior consent is required in writing authorizing access to their credit records. 

The Term “credit history” has only appeared in Russia since 2005. Since that time full information on borrowers has been collected. Credit history contains all information related to a loan: violation of terms, acceleration and full credit repayment.

A credit history contains the following parts:

“Title part of a credit history” – provides basic data on the borrower (company or consumer) including identifiers (consumer: full name, place & date of birth, pass number, Tax number, state pension fund ID number; company: company name, visiting address, Tax number, OGRN number);

“Basic part of a credit history” – provides advanced details of borrower (company or consumer) and data on payment obligations (loan amount, due date, terms of bank interest repayment etc.);

“Extra (confidential) part of a credit history” – provides creditor data and information about companies requested the credit history of a consumer or a company.

“Informational part of credit history” (on consumers only) – provides details of loan types, ways they were taken and reasons for rejecting the application.

The most relevant features in legislation that came into effect last year:

The Consumer Credit Law and the concomitant Law No.363 of Russia came into effect on July 1, 2014 amended different legal acts including the Credit History Law. One of the most important innovations: credit histories are generated now automatically, no consent of borrowers (consumers and companies) is needed. According to the former provisions of the law, a consumer or a company had to provide consent to forward and store their personal credit data in the credit reporting bureau. Since July 1st, 2014 this rule was abolished. Thus the Russian credit history legislation is being brought into line with international standards.

In addition to financial institutions since July 2014 credit history reports may be requested by employers, landlords, debt collectors and other entities and organizations provided that consent has been given by the borrower (data subject).  This applies to consumers and companies.

According to the Credit History Federal Law of December 30th, 2004 No. 218-FZ, a credit reporting bureau is authorized to provide a credit history report to:

  • A consumer or company acting as a borrower, according to loan agreement and in regard to which/whom this credit history is generated. A data subject may receive once a year its own credit history report free of charge;
  • A company that received borrower’s (company or consumer) consent in written or electronic form to receive and view the credit history report;
  • the Central catalogue of credit histories (maintained by the Central Bank of Russia): title parts of credit histories are forwarded there from all credit reporting bureaus registered in Russia;
  • A court (judge) in frameworks of criminal proceeding or to a pretrial investigation body if investigation body administrator’s consent is available – extra (confidential) part of credit history;
  • A federal executive body authorized to ensure proper court handling and enforcement of court decisions as well as acts issued by other authorities – title and basic parts of credit history.

A consumer is authorized to view her/his own credit history only!

Distribution, transfer, sale of any credit history data to third parties without consent of borrowers (consumers and companies) are declared illegal and lead to administrative penalty (unless such operations are part of punishable criminal offence).

Credinform Russia we-find-solution200Source:  Information Agency Credinform (http://www.credinform.ru/en-US)

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