Russian consumers made a larger number of late
payments during the first quarter of 2012, marking its first
decrease in the FICO Credit Health Index for Russia since
mid-2009.

According to data from analytics and decision
management technology vendor FICO, and the National Bureau of
Credit Histories (NBKI) in Russia, the credit health index steadily
improved since October 2009 until January 2012, when just 7.05% of
Russian credit accounts were delinquent. In the first quarter of
2012, however, the index dropped 2 points, representing a bad rate
of 7.75%.

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The FICO Credit Health Index measures the
overall credit health of the country, based on the percentage of
consumer loans and credit cards reported to NBKI that are
delinquent by more than 60 days.

Russia is one of the fastest-growing credit
markets, with the number of credit cards used by Russians rising by
26% in the first half of 2011.

Alexander Vikulin, CEO of NBKI, said changes
in the Credit Health Index show that banks “need to monitor their
accounts and ensure they are measuring risk precisely”.

Evgeni Shtemanetyan, who directs FICO’s
operations in Russia, said:

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“While the index shows only a small increase
in delinquency, the turnaround of a long-term positive trend needs
to be taken seriously.”

FICO and NBKI also studied the performance of
eight regions in Russia separately. According to their research,
the pattern for each region is similar to the overall trend, but
some regions such as Dalnevostochnyi and Sibirskii suffered a worse
decline than others.