Black brokerage in consumer credit

Posted on Nov 2, 2000 08:15:27 AM

Approximately 10-15% of unscrupulous borrowers fall into the banks through the so-called “black” brokers. There are organized groups that offer mediation services of credit using false documents. According to experts, this business has emerged in Russia in the new shadow sector of the economy. That “black” brokerage most susceptible consumer and car loans and much less a mortgage, is not accidental. The larger the loan, the more serious, and banks are more careful to check the borrower and submitted documents. Because unscrupulous middlemen prefer to “work” with credits in 1-5 thousand dollars, without abandoning, however, and the larger prey.

Russia’s mediation in borrowing money, or credit brokerage – a new phenomenon which is gaining increasing credit market. In the West, this kind of service is widely developed. Mortgage brokers are the buyer’s agent, the borrower, helping him select the most appropriate loan product in accordance with the financial possibilities of the client. Unlike overseas, where the percentage of fraud in credit intermediation is low, in Russia the number of “black” brokers is growing, as there is demand for their dubious services. Apart from the fact that unscrupulous middlemen discredit “the idea of credit, involving thousands of citizens in fact criminal operations, they cause significant damage to the economy.

According to various reports over the past five years due to the rapid growth of credit market income “black” brokers were 06.04 billion rubles. “Delivering” the banks knowingly insolvent borrowers, these mediators increase the risk of failure to return the money. Percentage of loans for 8 months of 2006. According to the Russian Central Bank, rose to 2.7% of the total potrebkreditov, while on 1 January 2005. it was almost two times less – 1,4% (8,6 bln.). Many banks are reluctant to share statistics on the “defector”, which allows independent analysts to increase the performance of no return, and delay up to 5-7%, while the total arrears to 40-50 billion rubles.

Distinguish between “white” a broker from the “black” is quite simple. The first work on legal grounds, with clear product and will never offer to get involved in dubious schemes: forge documents (income statement, registration, visa, etc.), use of front men (fake employers or guarantors), there will be an appointment on the street, in cafes or on the market. Legally employed mortgage brokers charge for their services, 2-5% of the loan amount, while “black” intermediaries operate 10-25% or more, effectively robbing customers.

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