What is Credit Registry?
Credit Registry is an information system that collects and stores information about borrowers and loans provided to them. Information collected in the Credit Registry forms a credit history for each borrower.
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.
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