Russians’ average credit rating fell to its lowest level in six years

In December 2024, the Russians’ IFR was 11 points lower than in December 2023, when it reached 743 points. The highest score in the last six years, 764, was recorded in 2018, according to the report.

According to Nikolai Filippov, Director of Risk Methodology and Data Analysis at OKB, when applying for a loan without collateral, the lack of credit history reduces the chances of approval. The expert noted that a lender is more likely to approve a loan to someone who has previously made minor delays than to a client with no history.

At the same time, in secured loans, the lack of a credit history can help with loan approval, as this means that the borrower has no financial obligations. For example, many clients with no credit history apply for a mortgage, Filippov explained.

He also said that public interest in credit histories and ratings is growing, but only about 20% of the active credit population understands this topic. “It will take several more years for citizens to understand the importance of this data,” the expert added.

Filippov noted that improving financial education would benefit both lending institutions and borrowers by reducing the cost of loans and increasing their availability.

In mid-January, RBC, citing data from the Bank of Russia, reported that the amount of interest on loans unpaid by Russians until December 1 amounted to 607.8 billion rubles. Last year, the Central Bank specified, this figure grew at a record pace in four years.