Experian Launches First Consumer Credit Bureau in Russia With Interfax Information Services Group

NOTTINGHAM, England – Experian®, a leading global information solutions company, and Interfax Information Services Group, Russia?s leading provider of information and services to the financial market, have announced that they have signed a joint venture to create the first credit bureau in Russia – the Experian-Interfax Bureau of Credit Histories. The new bureau is ready to start operations and has begun to connect banks and other lenders to the system.

Around 20 banks and lenders have so far agreed to co-operate with the Experian-Interfax Bureau of Credit Histories, including International Moscow Bank, Raiffeisen Bank, Baltiyskiy Bank, Bank Vozrozhdeniye and International Industrial Bank.

“Experian-Interfax is the first major operator to offer credit bureau services in Russia and the first major international player to operate in Russia,” said Experian?s CEO, John Saunders. “We are happy that our project is developing well in Russia and that the Experian-Interfax system will be ready for launch in time for the Russian Law on Credit Bureaux coming into effect in June. We are excited and encouraged by the fact that about 20 banks and other lenders are already cooperating with us.”

Experian-Interfax was established in late 2004 and is the first company to create a credit bureau system to cover all of Russia. From a technical centre in Moscow, it intends to work with clients from all over Russia which are interested in promoting the development of the credit bureau institution and in protecting consumers? rights.

“Experian has chosen to enter into the partnership with Interfax at this time because of the size and potential of the Russian market, which now benefits from a stable political and economic environment,” continued John Saunders. “Consumer lending is growing very fast, and has been for four years, and the legal infrastructure to enable the new bureau to be created has been established with the new law for credit reporting signed by President Putin at the end of 2004.”

“The prospects for the market are good,” said Interfax Group Chairman Mikhail Komissar, “because not only is the market stable and growing, but Russian and foreign banks are investing heavily in their systems, lending to consumers and businesses is increasing strongly and this demand for credit from businesses and consumers continues to increase. This, coupled with increasing disposable income of Russian consumers, has created good conditions for sustained growth, providing there is an infrastructure mechanism for assisting in controlling risk properly – the credit bureau.

“Experian and Interfax each have a 50% stake in the project. Experian-Interfax, established jointly with a global leader in the sector, has given Russian banks and companies access to well-tested, reliable and convenient technical solutions, which are already used in over 60 countries.”