Russia’s credit repayments at two-year low
Financial analytics company FICO and the Russian National Bureau of Credit histories (NBKI) have released figures that put the country’s borrower’s credit repayments at a two-year low.
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October 2010 was the last time that the Fico Credit Health Index was at 111 points, a two point fall since the last quarter.
The FICO’s Credit Health Index is based upon the percentage of consumer loans and credit cards that are reported as delinquent for more than 60 days to the NBKI. The data is then used to measure the countries overall credit health.
The country had been steadily improving, credit delinquencies were at 11.9% in October 2009 and had dropped to 7.05% by January 2012 and the data for this quarter represents a rise of 0.71% (to 7.76%).
Evgeni Shtemanetyan, FICO’s operations director in Russia, said: “The FICO Credit Health Index fell only slightly, and Russian borrowers continue to show positive behavior. However, this year has seen a change in the index’s direction, and we advise credit organisations to monitor their customers closely, and review their credit approval strategies.”
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By GlobalDataRussia remains an emerging market for credit based services; research by the National Agency for Financial Studies found that in 2011 there were 11 million active credit cards in Russia, which only amounts to 0.1% cards per person.
