Azerbaijan updates credit history system

Azerbaijan, Baku, Feb. 22 / Trend I.Khalilova /
The Central Credit Registry (CCR) under the Central Bank of Azerbaijan (CBA) launches a new system of forming the base of credit history, which during the month will be used by banks and non-bank credit organizations in parallel with the old system, the country's banking circles said.

Presentation of the new system was held last Friday, where the users of credit registry have been demonstrated problems aroused in the old system, which is applied from 2005, and advantages of the new system.
First, along with banks and non-bank lenders, as well as their branch network, will receive access to the new system. To date, it was possible to get access to the credit registry only through the bank's head offices. Now, affiliates will also be able to request information about borrowers in the credit register, and at the end of the reporting period, the banks will receive a general report, which will be provided with information on all requests, including their branches.

The new system will immediately show errors, including the data from ID cards, introduced in the CCR if they are overdue, the information on loans that were involved on the basis of old documents. This possibility appears due to connection of thCCR to the Interior Ministry's system - IMAS. "The need to update the system has appeared in connection with the increasing number of requests to the registry, and with the joining of the MFIs's to the sytem their number will grow even more," the source said. "Accordingly, the quality of the information in the CCR will be improved."

If only 18 banks enjoyed the CCR' services in 2008, their number reached 37 in 2009 and 42 in 2010.
In 2010, the CCR received 257,045 appeals from 42 banks in the country. Of the total number of the received appeals 219,269 are requests for new borrowers. The total number of appeals increased by 3.45 times compared to 2009. In 2009, the total number of requests was 74 393. In 2010, 298 persons applied to the organization in order to obtain their own credit reports.

As of Jan. 1, the number of borrowers, on whom the registry has data, amounted to 962,546 and the total number of credit information - 1,883,260. In late2009, the registry had collected data on 704,275 borrowers and 1,322,524 credit information. In 2010, the CCR registered 258,571 new data on borrowers and 560,736 - the loans. The number of data barrowers that are available in the registry is 434,593.

The CCR has begun operating since March 2005. Tariff for one request is 1.1 manat for an individual and 2 manat - for a legal person. The credit registry does not pursue commercial goals and tariffs imposed to cover administrative costs.
The official exchange rate is 0.7948 manat to $1 on Feb. 22.

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