According to the CEO of one of Moscow’s credit reporting agencies, he received a letter from the Federal Financial Market Service asking him to produce all papers needed to conduct an office inspection on Monday. The letter says that the inspector will analyze all the documents the agency has, and these have to be produced before November 30, 2006.

The players on the credit reporting agencies market are positive that these untimely requests for papers will be experienced by them all. However, the strict measures, they say, will probably affect small and regional agencies first. Experts believe the Federal Financial Market Service is asking for quantitative data of the agencies in order to reveal the inefficient players and set the criteria for eliminating them.

‘Given that 99% of credit records belong to four leading businesses (National Credit Reporting Agency, Global Payments Credit Services, Infocredit, and Experian-Interfax) – as claimed by the Central Catalogue – the existence of the other players might be questioned,’ the CEO says.