MODERN REALITIES OF COOPERATION BETWEEN CREDIT HISTORY BUREAUS AND BANKING INSTITUTIONS
Abstract
The purpose of this research article is to summarize the theoretical foundations of credit history bureaus in the credit market of Ukraine and to identify the areas for expanding their functionality in cooperation with banking institutions. Based on the study, the author substantiates the main purpose of credit history bureaus, which is to accumulate information about borrowers and provide it to interested parties under the conditions established by the current legislation in order to reduce credit risks. The article defines who are the users of credit bureaus and the subjects of credit histories. The article analyzes the activities of domestic credit bureaus in the financial market of Ukraine in terms of the dynamics of the number of credit histories generated by them, the number of requests to them and the number of their partners as of 01.01.2019-01.12.2022. It is determined that as of 01.01.2023, seven bureaus are registered in Ukraine, and four of them have a significant database: Ukrainian Bureau of Credit Histories; International Bureau of Credit Histories; First All-Ukrainian Bureau of Credit Histories; and Credit Bureau "Ukrainian Credit Bureau". It is substantiated that in order for banks to obtain reliable, complete and transparent information about a borrower, credit history bureaus carry out activities which are quite variable both in individual bureaus and in this component of the infrastructure of the functioning credit market as a whole. As a result, the activities of credit bureaus are systematized by the products and services they provide to borrowers of banks (other financial institutions) and to partners of the bureaus themselves. Thus, in the first area of activity of credit bureaus, namely providing information to borrowers, credit bureaus enable each person to check the information on the availability of his or her credit history in the bureau's database and to control the accuracy of the information contained therein. At the same time, credit history bureaus take care of financial security of citizens and ensure the convenience of using their information services for their users and partners. In the second area of activity, credit bureaus provide services and products to their partners (banks, financial companies, credit unions, etc.), which, accordingly, are functional tools for effective credit risk management in the lending activities of their partners,
References
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