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April 12, 2005

Plans to build Russia’s first consumer credit bureau are revealed

Californian IT company Experian is working with Interfax Information Services Group, a Russian software firm aimed at the financial market, to create the first credit bureau in Russia.

By CBR Staff Writer

The two companies said the new bureau, named Experian-Interfax Bureau of Credit Histories, is in the process of connecting 20 banks and other lenders to the system.

Experian expects the project to be ready for launch in time for the Russian Law on Credit Bureaux, which is coming into effect in June.

The partnership will be based in a technical centre in Moscow, where it intends to work with clients from all over Russia in an effort to promote the development of the credit bureau institution and protect consumers’ rights.

The prospects for the market are good because not only is the market stable and growing, but Russian and foreign banks are investing heavily in their systems, lending to consumers and businesses is increasing strongly and this demand for credit from businesses and consumers continues to increase, commented Interfax Group chairman Mikhail Komissar. This, coupled with increasing disposable income of Russian consumers, has created good conditions for sustained growth, providing there is an infrastructure mechanism for assisting in controlling risk properly – the credit bureau.

He went on say that Experian and Interfax each have a 50% stake in the project.

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