"ACRA Credit Reporting" CJSC calls on citizens to track their credit histories
ArmInfo. "ACRA Credit Reporting" CJSC calls on the citizens of Armenia to track their credit histories. "Whoever applies to a bank or a credit organization for a loan, he/she automatically creates his/her own credit history. Meanwhile, only few of the citizens know how to track their credit histories or check them", says the press release of ACRA Credit Reporting.
ACRA specifies that the whole information on when and where a borrower receives a loan and how repays it is forwarded to the ACRA Credit Bureau. The borrower's credit history is based on that information. Borrowers can receive their credit histories by visiting the Bureau or sending an sms request, as well as by visiting www.acra.am. Before using the online version of the credit report and score report one is to take a login and a password from the ACRA office and then to enter the http://www.acra.am web site. The request price ranges from 100 to 1800 AMD and depends on the volume of the requested information and on the methods to get the information.
The credit report allows the potential borrower to understand why he/she has been denied another loan. The information is used by lenders such as banks and credit companies operating in Armenia to determine the credit worthiness of an individual or an entity. The credit report also allows analyzing and improving the loan repayment situation promptly. "For instance, if a borrower has been denied a new loan owing to the big number of existing loans, the borrower can partly repay the loan and apply to the bank again", says the source. Such actions not only reduce the debt burden, but also have a positive effect on the credit history.
By using the data of the ACRA Credit Bureau, the borrowers can also avoid cases of illegal use of their personal (passport) data during the credit arrangements. "Unfortunately, the citizens learn about it too late, when the loan received by a fraudster becomes a big sum", says the press release of the Credit Bureau. One more advantage of the credit report is the possibility to reveal the inaccuracies in the credit history and to correct them in due time.
To recall, the ACRA Credit Bureau was founded in January 2004.
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