A credit bureau is an institution that stores information on the credit history of individuals and legal entities, their creditworthiness intending to providing it to various organizations (for example, banks) upon request.Credit rating is a measure of the solvency of an individual (credit scoring). Credit ratings are calculated based on past and current financial history, socio-demographic data, and even data from relatives and co-borrowers. To know more, you may always choose What’s a Good Credit Score?
Consider the credit rating of each credit bureau separately
National Bureau of Credit Histories (NBCH), the largest credit bureau in the Russian Federation. Created in March 2005 at the initiative of the Association of Banks and operates from Federal Law No. 218ФЗ “On Credit Histories.” Credit rating (scoring) in the NBKI is calculated from data on loans and borrowings. The bureau score is “850,” and the minimum is “250”. According to the bureau staff, the average score for a small consumer loan is 600650.When you receive a credit rating report from the bureau, you will see a credit score (from 250 to 850) of the credit history, as well as a description of four factors that affect the scoring score. Unfortunately, these descriptions do not always reflect the actual situation and do not give an understanding of what to do if the loan was refused.
To understand the reasons for refusal
A report from the credit history can be obtained free of charge once a year by contacting the bureau directly. But it will not contain a rating calculation. Bureau and agents sell rating separately. The price of the order of 300 to400 rubles andto get a report without leaving home, use the online credit history service.690 to 850 points is an excellent credit rating score. Having such a score, you can choose a bank. Look for the most favorable conditions for the loan, demand a lower rate.
650 to 690 points Standard score and general credit conditions
600 to 650 points satisfactory credit rating and this will make you eligible for a loan, but the bank will dictate the terms. Possible reduction of the requested approved amount and increased interest on the loan.500 to600 points grade below average. Only credit is available at an inflated rate and a specific category (commodity, secured) and just for a short time. There also remains a high probability of failure.300 to 500 points is a terrible credit history score. There will be a failure in the banks with a high degree of likelihood only microloans are available in MFIs, pawnshops, etc.