58% of residents in Latvia have a good credit rating, and the pandemic has not significantly impacted their ability to make payments on time. For 34% of residents loans in banks are not available because of their low credit rating, according to statistical data from the Credit Information Bureau on residents’ credit rating in December.
During the pandemic there was no increase of missed payments – the ratio of missed loan payments was below that of 2019 in all credit rating groups, according to statistics from the bureau.
For example, in August, 13% of residents with the lowest credit rating and around 2% of people with the highest credit rating missed their loan payments, notes KIB.
On a scale of A to E, where A is the highest and E – the lowest credit rating, 31% of residents have A credit rating, 27% have B credit rating, 9% have C rating and 24% have E rating.
Credit Information Bureau is the first licensed credit information institution in Latvia. Its founders include Latvia’s biggest commercial banks and international credit information service provider group – Creditinfo, which is active in more than 20 countries, including Lithuania and Estonia. (BNN/Business World Magazine)
