FICO and NBKI Index Shows Russian Credit Delinquencies Rose for First Time in Three Years

MOSCOW, May 30, 2012 /PRNewswire/ -- FICO (NYSE:FICO), the leading provider of analytics and decision management technology, and the National Bureau of Credit Histories (NBKI), Russia's leading credit bureau, today released data showing that Russian consumers made more late payments during the first quarter of 2012. This marks the first decrease in the FICO® Credit Health Index for Russia since mid-2009.

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The FICO Credit Health Index measures the overall credit health of the country, based on the percentage of consumer loans and credit cards reported to NBKI that are delinquent by more than 60 days. Since October 2009, when this "bad rate" was 11.28 percent, the index steadily improved until January 2012, when just 7.05 percent of Russian credit accounts were delinquent. In the first quarter of 2012, the index dropped 2 points to 113, its lowest point in a year, representing a bad rate of 7.75 percent.

"While the index shows only a small increase in delinquency, the turnaround of a long-term positive trend needs to be taken seriously," said Evgeni Shtemanetyan, who directs FICO's operations in Russia. "NBKI and FICO are working with Russian lenders to ensure they can manage a rise in credit risk."

FICO and NBKI also studied the performance of eight regions in Russia separately. Each region shows a pattern similar to the overall trend, but some regions suffered a worse decline than others. For example, Dalnevostochnyi has had the biggest drop in its index, from 122 to 113, followed by Sibirskii, which fell from 118 to 114.

"These changes in the Credit Health Index show that lenders need to monitor their accounts and ensure they are measuring risk precisely," said Alexander Vikulin, CEO of NBKI.

FICO and NBKI share this data with Russian lenders to improve their understanding of the market, and help them safely extend lending to Russian consumers. Russia is one of the fastest-growing credit markets, with the number of credit cards used by Russians rising by 26 percent in the first half of 2011.

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SOURCE FICO