INFORMATION ABOUT 750,000 BORROWERS COLLECTED ARMENIAN ACRA CREDIT REPORTING
ARKA
June 27
Armenian credit bureau ACRA Credit Reporting has collected information
about 750,000 borrowers and loans totaling AMD 1.8 billion.
Arthur Javadyan, the chairman of the bureau and the head Armenian
Central Bank, said Friday at the annual meeting of ACRA shareholders.
All the commercial banks of the country and ten credit organizations
cooperate with the bureau.
Javadyan said that financial organizations, with necessary records of
ACRA at their disposal, will be able to make their decisions quicker
and services more available.
"According to the World Bank’s study ACRA is topping the CIS
ranking. This brings its indicators closer to those of European
countries such as Finland, Greece and Switzerland as well as
Singapore", he said.
Artak Arzoyan, the director of the credit bureau, speaking about the
organization’s activity for the previous year, said that 24% of the
country’s adult population is aware of the matter and this year the
awareness reached 33%, just up to international standards.
"Information requests made 14% of total number of provided credits
in late 2007. This shows effectiveness of credit information. Despite
ACRA lags behind some countries on this indicator, the result of 2008
is expected to reach 30%, up to global tendencies", he said.
Azroyan also said that ACRA provided credits on 80% requests, while
the remaining 20% were denied because of unfavorable credit record
of the requesters.
"An agreement on cooperation with USAID program on supporting financial
sector was signed in the passed year. Technical support for legal
control and practical management as well as description of business
processes", the director said.
ACRA Credit Reporting was established in January 2004 and started
operating in April 2007.
The bureau shareholders are 17 Armenian commercial banks, one credit
organization and Dun&Bradstreet prestigious international organization
as well as 14 other organizations.
In 2007, the credit bureau’s assets totaled AMD 54.9 million against
49.7 million in 2006 and equity capital 38.3 million against 25.4
million a year earlier.
The bureau’s main aim is to collect, process and update the information
received from banks and credit organizations and provide it to
empowered agencies, not revealing the information to not empowered
entities.