How to improve your credit history at Sberbank

What is a credit history and what does it depend on

Before discussing how to improve your credit history, let's define what it is. A credit history is a record of a borrower's credit obligations to banks, microfinance companies, and credit cooperatives. By requesting it, a potential lender can see which organizations the client has previously applied to, what types of loans they received and in what amounts, whether they had any overdue payments or defaults, and whether they acted as a co-borrower or guarantor for others' loans.

The place where credit history is stored is called a Credit Bureau (BKI). As of 2021, there are 12 such organizations operating in our country. Each bank or microfinance organization (MFO) decides for itself which bureau to send borrower information to. This means that if a person has borrowed from several organizations, their information is likely held in different bureaus, so to gather complete data, you will need to submit a request to each of them.

What does a credit history affect?

It is believed that a bad credit history only affects future lending. But that is not entirely true. Yes, primarily, a borrower with a negative credit history is very unlikely to be able to get a loan from major banks or even microfinance organizations. But that is not all. In addition, credit history affects areas such as:

1. Insurance. It might seem like these two things are unrelated, but that does not change the fact that unreliable borrowers will be offered less favorable insurance terms in the future.
2. Car sharing. Some car-sharing companies request a client's credit history before allowing them to use a vehicle. A negative credit history can be a reason for service refusal.
3. Employment. Some employers (especially those related to the banking sector or the public sector) request a job applicant's credit history to get an idea of their reliability.

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How to check your credit history

Banks and microfinance organizations check credit history to understand if they can trust a potential borrower. Why should an ordinary citizen know their credit history? There are several reasons:

1. First and foremost, you need to know your credit history to assess your chances of getting a loan or to understand why banks and MFOs are refusing to grant you a loan.
2. To check for errors. It is rare, but it happens that a reliable borrower with no debt burden or other objective reasons is refused a loan. This can be caused by an error in the credit history. For example, it might be missing a note about a previously closed loan.

As we wrote earlier, if a client has applied to several credit organizations, their credit history may be held in more than one bureau. Therefore, you first need to find out exactly where the information about the borrower is stored. To do this, you need to send a request to the Central Catalog of Credit Histories. You can do this in the following ways:

1. Via the Gosuslugi website. To do this, open the “Services” tab, go to the “Taxes and Finance” section, and select “Credit History Bureau Information.” To receive the service, you will need to provide your passport and SNILS details. A list of all credit bureaus will appear in your personal account on the Gosuslugi website.
2. On the Central Bank of Russia website. To receive information, you will need to enter your credit history subject code. You can find it in your loan agreement or ask the bank where you borrowed. A response from the Bank of Russia will arrive within one business day from the moment the request is sent.

Once the list of credit bureaus is generated, you can send a request to each of them to obtain your credit history. By law, every citizen can receive their credit history for free no more than twice a year. You will have to pay for additional requests.

So, you can apply for your credit history in the following ways:

• directly through the credit bureau's website;
• by telegram to the bureau's address;
• by registered mail;
• at the bureau's office.

How to improve your credit history at Sberbank

The first step to improving your credit history is to pay off all existing debts. No credit history improvement program will work if the debtor still has open problematic loans or pending enforcement proceedings.

“Credit Doctor” program

Sberbank does not “treat” the credit histories of its borrowers, but if this bank refuses to lend to you, try another one. For example, Sovcombank has a “Credit Doctor” program to improve credit history. To participate, you need to fill out an online application on the organization's website and then visit an office with your passport to sign the contract.

Loans and microloans

In general, microfinance organizations are more lenient toward borrowers with a bad credit history than banks are. Information about successfully repaid microloans is also added to your credit history, gradually improving it. Therefore, if you are refused a loan at Sberbank, we recommend applying to an MFO. It is highly likely that you will be approved for a small consumer loan at companies such as eKapusta, Zaimer, or Bystrodengi.

Credit card

Another way to restore your credit history is by getting a credit card. Sberbank is unlikely to approve even the smallest amount, so we advise you to apply directly to T-Bank or Alfa-Bank. There, you can get a credit card with a minimum limit of 1,500–3,000 RUB, and as you use it, you will improve your credit history.

Targeted loan for goods

You can also take out small loans for goods, such as appliances. You won't be approved for an expensive purchase, but you can certainly count on a positive decision for a loan of up to 3,000–4,000 RUB. You can get such a loan right at the store.

Frequently asked questions

Since credit history is an unfamiliar topic for most borrowers, at the end of the article, we will answer the most frequently asked questions from citizens.

What does a credit history consist of?

A credit history consists of four parts: title, main, closed, and information. The title part contains personal information about the borrower; the main part contains information about loans and borrowings, including the presence or absence of debts; the closed part contains data about lenders; and the information part contains all your applications to credit organizations.

Can credit bureaus provide my credit history to third parties?

A full credit history report can only be obtained by you or a credit organization, and only for the purpose of granting you a loan. In addition, any legal entity can view the main part of your credit history, but only with your written consent.

How often is credit history updated?

Credit history is updated every time you interact with a bank or microfinance organization. This means that if you took out a new loan on Monday, information about it will appear no later than Friday of the same week.

How long is loan information kept?

The credit bureau stores your credit history for 10 years from the date the latest data appears. However, banks are less interested in loans taken out 10 years ago, focusing more closely on information from the last 4-5 years.

Why is my credit history bad?

There are two possibilities: either you had late payments and defaults, or staff made an error when entering information into your credit history. It is rare, but it happens that bank or credit bureau employees forget to record the closure of a loan or a monthly payment, which affects the client's credit rating.

There is an error in my credit history, what should I do?

In this case, we recommend contacting the credit bureau directly to dispute your credit history. The bureau will independently send a request to your lender and, after receiving a response, will correct the error if one exists.

Within what timeframe is the credit bureau required to correct an error in a credit history?

If an error truly exists, the credit bureau is required to correct it no later than 30 calendar days from the date the application is received.

Will information be deleted from my credit history if I correct it?

No, data is not deleted from a credit history but is stored for 10 years. However, as mentioned earlier, banks pay attention to information that has appeared in your credit history over the last few years, and if it is positive, you can expect a new loan to be approved.

So, a bad credit history is no reason to give up. If you currently have no outstanding debts, you can easily take the first steps toward improving it. But do not forget that there are many scammers online who prey on those wanting to improve their credit history. Therefore, remember that it is impossible to do this for money, which means you are dealing with dishonest people.