YEREVAN, September 10. /ARKA/. In July this year ACRA Credit Bureau database had information about 7,697,882 loans, including repaid loans, up from 6,249,743 loans in July 2012 and 4,967,720 in July 2011, ACRA Credit Bureau Reporting told ARKA.

In July ACRA database had also information about 1,342,880 borrowers, up from 1,294,910 borrowers in July 2012 and 1,158,250 in July 2011.

ACRA said also 142,664 borrowers made queries this July against 75,295 in 2012 July and 41,163 in 2011 July. ‘Every person who has taken a loan from banks or credit institutions automatically creates his/her credit history,” it said.

"Many borrowers know they have to keep track of their credit histories because getting a new credit for a client with a poor credit history becomes an insurmountable obstacle and besides, it limits his/her opportunities for purchase of consumer goods on credit. However, not everyone knows how to monitor or verify their credit history," ACRA said.

A borrower can get his/her credit history by applying to ACRA Credit Bureau or receive it via SMS or on-line by visiting www.acra.am. To obtain a credit report, one should register at ACRA. The service’s cost is 100-180 drams, depending on the type of credit report.

A borrower may use his/her credit history to check for fraudulent transactions carried out on his/her behalf.

"There were many cases when borrowers found out they had huge loans to pay, although they never applied for them," ACRA said.

ACRA Credit Reporting was founded in 2004. Its main shareholders are the Armenian Central Bank and commercial banks. -0-