ACRA CREDIT REPORTING HAS CREDIT INFORMATION ABOUT 33% OF THE POPULATION OF ARMENIA

ArmInfo
2008-06-27 19:38:00

As of today ACRA Credit Reporting has 1,800,000 credit histories
about 735,000 borrowers, the director of ACRA Credit Reporting Artak
Arzoyan said during the company’s annual meeting today.

In fact, the company has credit information about 33% of the population
of Armenia. According to the WB’s report, ACRA Credit Reporting is
the best in the CIS in this index. In the second half of 2007 the
index was 13.5%.

The price of one report ranges within 480-1,700 AMD VAT exclusive.

Presently, the company is beginning to provide subscriber services
at a fixed price. Two big banks have already subscribed.

Arzoyan said that the company would continue its
development. Particularly, in 2009 it is going to introduce a
scoring system, first of all, behavioral scoring. The company has
already finished its study of the system under USAID financial sector
development program. In the future, the company may introduce generic
scoring system.

"We are also going to expand the network of sources and start
cooperating with insurance companies, organizations providing communal
services, as well as with the traffic police, courts of Armenia and
other companies and state structures concerned" he stressed.

He also pointed out that the company already has a current profit
and it is gradually reducing the accumulated loss. "According to
pessimistic forecasts, the accumulated loss will be reduced within
the next 2-3 years", he emphasized.

Chairman of the Council of the ACRA Credit Bureau, Head of the
Central Bank of Armenia Artur Javadyan noted that the Bureau is to
contribute to the increase in financial mediation of the banking
system and management of credit risks. In particular, he pointed
out the significance of the fact that the overwhelming majority of
financial companies are the clients of the Bureau, which successfully
transited to the a profitable mode of operation.

ACRA Credit Reporting Agency was founded by Credential Inc. in
2004. At the moment, the Central Bank of Armenia, which owns 10%
of the Bureau’s shares, 17 commercial banks, HBM Service CJSC set
up by the Union of Banks of Armenia, the First Mortgage Company,
Dun & Bradstreet International LTD (USA) are among the Bureau’s
shareholders. All of the 22 commercial banks and 9 credit companies
make use of the company’s services.