Yerevan /Mediamax/. At present, credit histories of 735 thousand creditors are present in the database## of ACRA Credit Bureau, Chairman of the Central Bank of Armenia, Chairman of the Board of ACRA Artur Javadyan stated.

Mediamax reports that Artur Javadyan said this on June 27 at the general annual meeting of ACRA Credit Reporting CJSC shareholders.

According to Artur Javadyan, the present annual meeting of ACRA Credit Bureau is marked with the fact that all commercial banks of Armenia and 10 credit organizations are already cooperating with the Bureau.

“ACRA will assist the increase of the level of financial mediation in Armenia, and the financial organizations will be able to make decisions significantly quicker on providing credits”, Artur Javadyan stated.

Director of ACRA Credit Bureau Artak Arzoyan noted that the information coverage of the Credit Bureau targeted for mature population of Armenia by the end of 2007 made 24%, and at present, ACRA already owns the credit histories of 33% of the mature population of Armenia, which is commensurable with international standards and is the best index among the CIS states.

In the first quarter of 2008, the incomes of the Bureau from sale of credit histories made 49mln drams.

Talking about the further development plans, Artak Arzoyan pointed out the elaboration of new programs, among which the analysis of credit portfolios, credit scoring and monitoring of borrowers. ACRA’s plans also include attracting new sources of information (companies, involved in communal-general services, insurance companies, road police, courts, etc.), technical and program re-equipment of the system, implementation of international standards of corporate management and deepening cooperation with the Financial Sector Development Program of the U.S. Agency for International Development (USAID-FSDP).

ACRA Credit Bureau was set up in 2004 and is the only private credit bureau in Armenia. The Bureau cooperates with all commercial banks of Armenia and 10 credit organizations.

The shareholders of the Credit Bureau are 17 commercial banks of Armenia and 1 credit organizations, which own 52.92% of the shares, Credential Inc. (13.03%), Armenian CB (10%), Smart Tech CJSC (8,99%), Dun & Bradstreet Company (2.52%) and other shareholders.