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Important information about credit history

Necessary actions to amend incorrect or incomplete credit history, to avoid worsening it or to improve it.[@credithistory]

What is credit history and how it formed?

Credit history is the information on an individual’s obligations, which shows how the customer performed and continues performing his/her financial obligations. It is formed based on the data received from the member organizations of the ACRA Credit Bureau. Financial organizations, as a rule, use credit history information in their decision-making process when granting loans.

What type and age of information does credit history contain?

Credit history contains information regarding an individual’s financial obligations and their performance for the preceding 5 years' period from the inquiry, such as:

  • the number, amount, type and term of received loans
  • fulfillment of credit obligations (for example, whether you have timely repaid the interest and principal amounts)
  • provided guarantees
  • overdue loans, along with information on related penalties and fines

How to amend incorrect or incomplete credit history?

In case of incorrect or incomplete data in credit history, the borrower can refer to the ARCA Credit Bureau for clarification and correction of the credit history information.

How to avoid the worsening of credit history and improve it?

To avoid deterioration of the credit history and its improvement, it is necessary to:

  • fulfill credit obligations properly and timely
  • exclude delays in fulfilling obligations on current loans
  • fully pay off previously incurred overdue credit obligations
  • avoid becoming a guarantor for persons with problematic credit history
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