Credit Registry enables the Central
Bank of the Republic of Armenia (hereinafter referred to as the Central
Bank) to monitor the borrower-creditor relationship, to carry out analyzes,
as well as to use this information to fulfill other goals of the Central
Bank. Credit Registry helps to strengthen the resilience of the banking
system.
Who are the Users of Credit Registry
Information?
The user of the Credit Registry information is the Central
Bank. The Credit Registry information is used by the Central Bank
exclusively for monitoring and analytical purposes.
Dissemination of Information
Creditors provide information to the
Credit Registry upon registration and licensing, in accordance with the
procedure established by the Central Bank.
Information to the Credit Registry is
provided by banks and credit organizations within three working days
following the day of concluding the credit agreement, after
which, in case of any change in the data already entered in the Credit
Registry, creditor submits that change within three working days following
the day of its introduction.
Information provided to the Credit
Registry includes:
- personal data on the
borrower, in case of legal entities, also information on the owners (name,
surname, address, type of business incorporation, executive director, etc.);
- information on credit agreement (dates of signing the agreement,
credit disbursement and repayment, amount disbursed and repaid, actual balance,
overdue amount, etc.);
- general information about the borrower (residence, affiliation,
affiliation, etc.), data about the pledge (collateral, its amount, etc.).
Exchange of information is carried out by
the Credit Registry and the Creditor’s authorized employees. Information is
exchanged daily with a high degree of confidentiality.
Services/Operations
The Credit Registry does not provide
borrowers with information about their credit obligations. At the same time,
a legally established Creditor providing the information and the existing
inaccuracies, which are disclosed by the Borrowers and / or the Lenders,
shall be responsible for the completeness and reliability of the information
submitted to the Credit Registry. At the same time, the Creditor providing
information is legally responsible for the completeness and authenticity of
information submitted to the Credit Registry, and any inaccuracies
identified by Borrowers and/or Creditors in the Credit Registry database
must be corrected only by Creditors with the consent of the Credit Registry.
In case incorrect or inaccurate information is identified by the Credit
Registry, the latter must notify the Creditor who provided the information
about the inaccuracy (even if the mistake was not the fault of that
Creditor). The Creditor is obliged to verify information within three
working days after receiving the notification (unless otherwise specified in
the Credit Registry) by submitting correct information, or confirm to the
Credit Registry the accuracy of information in the form of an appropriate
letter, which will reflect the reasons and rationale for making the
adjustments.
Credit Registry is regulated by the
following law and by-laws:
Regulation system of Credit Registry