In the context of the discussion on reducing the cost of consumer loans, the possibility of establishing individual conditions for borrowers with a positive history has been actively discussed recently. The logic is obvious: if a person has conscientiously paid off his credit obligations in the past, then he will most likely continue to fulfill them in the future. Accordingly, the risks and rates should be lower.

Moreover, there are credit history bureaus (CHB), which, in theory, were created to track the credit histories of citizens.

Indeed, BKI have been operating in our country for over five years, and Sovcombank actively uses their capabilities. Currently, about 20% of refusals occur due to discrepancies between the client's data specified in the questionnaire and the information from credit bureaus. And a borrower with a confirmed positive history receives a loan, bypassing additional checks, in fact, in 15-20 minutes.

Moreover, financial preferences for such borrowers are possible and, in my opinion, will soon become commonplace. What prevents them from being implemented now?

Firstly, the quality of credit histories. Sovcombank cooperates with several credit bureaus, and we have repeatedly encountered “discrepancies” in information on the same borrower in different databases. Certainly, stricter approaches to the processing and storage of data provided by banks under credit agreements are needed.

I believe that borrowers should be the first to be active in this matter. After all, a mistake can be made both by the bank sending information to the BKI and by the bureau that processes, stores and issues information on the credit history. According to the law, the borrower has the right to get acquainted with his credit history free of charge. However, surveys of our clients and conversations with representatives of the BKI show that very few use this right.

The second factor concerns the identification of the client in the BKI and the bank. Technologies for collecting and using credit histories came to us from Western countries, where the identification procedure is simple - there is an identification number in the social security system (Social Security ID), which allows avoiding misinterpretations. In Russia, for example, a person can lose (possibly intentionally) the main identification document - a passport, get a new one and "start life with a clean slate." Of course, it is possible to track such a replacement, but it is much more expensive than getting a standard credit history, and, accordingly, will affect the cost of the credit product.

These are, in my opinion, the basic reasons preventing the mass introduction of preferential rates for borrowers. But our experience shows that the idea is in great demand among clients, which means that its practical implementation is only a matter of time. Banks, at least Sovcombank, are both morally and technologically ready for this. We have been running preferential programs for borrowers with a positive credit history at Sovcombank for over two years: rates for such people are lower by an average of 5%. Of course, this is partly a payment for loyalty, but, to a greater extent, it is a bonus to the borrower for his honesty and integrity.

Author: Chairman of the Board of Sovcombank.

Why a conscientious borrower does not receive a reduced interest rate on a loan