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Credit Reporting Under Russian Law

Credit Reporting Under Russian Law

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Abstract

I set the goal of checking whether the Russian legislation governing activities of credit bureaus meet international standards. Due to the absence of relevant European Union standards, the General Principles for Credit Reporting issued by the World Bank in 2011 were taken as a basis for comparison. I have consistently reviewed how each of the five World Bank principles de facto is interpreted in Russian law and law-enforcement. Although I criticize some of the shortcomings of Russian legislation in credit reporting, in general, my analysis confirmed the hypothesis that, generally, legislation and law enforcement practice comply with the specified standards of the World Bank.

About the Author

Kirill Molodyko
Higher School of Economics
Russian Federation
Kirill Molodyko (Moscow, Russia) - Associate Professor, Department of private law at National Research University Higher School of Economics, Senior Research Fellow, HSE -Skolkovo Institute for Law and Development, Postal address: 11, Pokrovskiy Boulevard, Moscow, Russia 109028


References

1. Mahmoud Sami Nabi & Souraya Ben Souissi, Information Misreporting in the Credit Market: Analysis of a Credit Bureau's Disciplinary Role, Comparative Economic Studies, Palgrave Macmillan; Association for Comparative Economic Studies, vol. 55(1), 145-166 (2013)

2. Elena Chibisova & Oleg Chibisov, Mechanism of Adequate Regulation in the Banking Sector as a Strategic Element of the Financial System of Russia, 2, BCES Conference Books, 176-184, Vol.13 (2015)

3. Alexandr Bass, Improving Functioning of Credit Bureaus in the Russian Federation, 9(48), Economics and Information Technologies Management, 4-7 (2015)

4. Chi Chi Wu, Fair Credit Reporting (National Consumer Law Center: 2013)

5. Anthony Ferguson, Learning The Credit System (lulu.com: 2016)

6. The U.S. Credit Reporting System: Elements, Infrastructure, and Key Processes (Financial Institutions and Services, Kendrick A.Minor (eds), Nova Science Pub Inc: 2013)


For citation:


Molodyko K. Credit Reporting Under Russian Law. Russian Law Journal. 2020;8(1M).

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ISSN 2309-8678 (Print)
ISSN 2312-3605 (Online)
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