The Federal Financial Markets Service has inspected all 23 credit bureaus, detecting violations in their credit reference databases, says Alexey Volkov.
Photo: Pavel Smertin
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Officials Find Errors in Bank Borrowers Databases
Financial markets officials have finished the first inspection at Russian credit reference bureaus, finding errors in databases of borrowers’ personal information. Should the databases continue to be outdated, bankers will no longer need their services, market experts say.
The Federal Financial Markets Service has inspected all 23 credit bureaus, detecting violations in their credit reference databases, the agency’s deputy director Alexey Volkov told Kommersant. Some credit references have wrong spellings of the borrowers’ names, addresses or wrong birth dates and ID numbers. The Financial Markets Service sent guidelines to the bureaus to deal with the problems.
Those in the banking say that most inquiries to the bureaus fail to find the right references as the information is outdated, wrong and scarce.
The Financial Markets Service suggests that credit bureaus send reply inquiries to a bank if they receive dubious information. Experts do not believe in the efficiency of the move, and hope that authorities will be providing access to official databases of tax authorities and the Pension Fund to check a borrower’s name against their ID number. Tamara Lukovnikova, director of Nizhny Novgorod-based credit reference bureau, notes that there are no clear guidelines for cooperation between officials and credit bureaus.
www.kommersant.com
All the Article in Russian as of July 04, 2007
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