As a result of joint discussions with ACRA Credit Reporting CJSC, commercial banks and credit organizations decided to improve credit histories of individuals with small loans.

According to the report, the Board of Directors of ACRA Credit Reporting CJSC made a decision according to which, starting from July 1, 2018, credit reports on individual borrowers, their co-borrowers and guarantors will not be included the information on overdue and / or classified loans till May 1, 2018, the principal amount (at the time of signing the contract) of which does not exceed 50,000 AMD.

In case of loans granted in foreign currency, this amount must be AMD 50,000 equivalent sum, calculated by the Central Bank of the Republic of Armenia till April 30, 2018, at the average exchange rate formed on the currency markets.

"At the same time, it should be noted that this is a one-time process and will not cover the problematic loans after the mentioned period.

For example, if a natural person got a loan in 02.09.2017, the principal amount of which was 43,000 drams, and on 31.01.2018 the loan was classified, then it will no longer be reflected in the credit report from July 1, 2018 " the report says.

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