Banks want to get more information about borrowers

Banking community of the country has put forward an initiative on providing of income information of citizens, contained in databases of the Federal Tax Service and Pension Fund, to credit institutions. The goal is obvious – finding out of financial standing of borrowers, both current, and potential. The process of credit provision is expanding, along with it the debt default risks of bankers are growing, as a result of misestimation of client’s opportunity on service of borrowed loan.

Today the check-out method of a borrower is simple – it is income information, contained in the form of 2-PIT and personal information, which client provides by filling in a questionnaire by a bank officer. Then again, both the first one and the second one – it’s information received from outside. But bankers want to refer by themselves to taxmen and pension fund officers for getting of such materials once a quarter. For now these procedures aren’t anyhow regulated and cannot be carried out lawfully. Besides, it involves a certain difficulty to check the data on employer – because at the other end of the line there could be straw parties or fly-by-night company created in a hurry.

However, all other things equal, if the initiative finds support in governmental authorities, it will increase protection of the credit system from unreliable borrowers.

It remains not clear enough yet, how will be the transfer of personal financial history to third parties, including to commercial organizations, regulated and its use.