What is a credit rating
A personal credit rating (PCR) is an assessment of the creditworthiness of an individual and characterizes his financial reliability. It is formed on the basis of all the data of his credit history. The RCC is actively used by banks and microfinance organizations when making decisions on providing a loan product. The indicator is measured in points ranging from 1 to 999 units. It is calculated by the National Bureau of Credit History (NBKI) in accordance with the methodology approved by the Central Bank. The higher its value, the greater the likelihood of the borrower receiving a loan.
How to find out your credit rating
You can familiarize yourself with the meaning of your RPC in the borrower’s personal account. You can get it for free an unlimited number of times. If available, the registration procedure on the NBKI website will take no more than one minute. The system analyzes individual credit history and produces a numerical value of the RCC.
What does a credit score look like?
Different credit bureaus use different scales for calculating the RCC. According to the NBKI scale, starting from 2022, there are four color quality indicators, each of which is assigned a certain range of the rating scale:
- Red color (from 1 to 179 points) characterizes the low quality of an individual’s creditworthiness
- Yellow color (from 180 to 623 points) – average quality
- Light green color (from 624 to 912 points) – high quality
- Bright green color (from 912 to 999 points) – very high quality
- NBKI also provides information about the reasons that most strongly influenced the value of RCC. Thanks to this, borrowers know how to improve the quality of their credit history and, accordingly, the likelihood of receiving the necessary loan.