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Banks want to choose borrowers with an eye on their relatives
Some Russian banks decided to add a new criterion to the system for evaluating potential borrowers. Now, the decision to grant a loan to a citizen can be affected by the credit history of his relatives. A new technique was developed by one of the credit bureaus.
As the RBC, VTB, Tinkoff Bank and Renaissance Credit confirmed participation in the project. After submitting the application, the system will automatically evaluate the credit history of the client’s relatives and take it into account when determining the credit rating. There are a million citizens in the 60 bureau database, so the probability of finding information is very high.
Banks announced the start of testing the service in the near future. However, experts say its imperfection. So the system can make erroneous conclusions if family members have different surnames, or vice versa, the former spouses retained a common one.