5 Steps to Check Your Credit History Before Applying for a New Loan

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Checking a credit history with a credit report, repayment calendar and calculator against Yerevan and Mount Ararat

Summary. Before applying for a new loan, check not only the advertised interest rate but also your own credit report. Armenian law gives every person the right to receive a free full credit report at least once every 12 months, and it provides a formal process for disputing incorrect or incomplete data.

The five steps below help you identify problems early, understand the monthly burden, and approach a lender better prepared. They do not guarantee approval, pricing, or a credit limit; each lender uses its own assessment method.

1. Obtain your full credit report

To review your credit history, obtain a credit report. Article 18 of Armenia’s Law on Circulation of Credit Information and Activities of Credit Bureaus gives you the right to receive a free full report at least once every 12 months. A report can be requested from ACRA, including through the My ACRA personal account.

If a credit report has led to a refusal or another adverse consequence, the law also provides a route to obtain the report free of charge within 30 days after that event when supporting evidence is submitted.

2. Check more than late payments

Compare the report line by line with your contracts, payment receipts, and account statements. In particular, check:

  • your name, identification details, and contact information,
  • active and closed loans, outstanding balances, and statuses,
  • the dates, days, and amounts of any reported late payments,
  • guarantees and co-borrower obligations,
  • the persons or organizations that requested your report during the past year.

ACRA also explains that the commonly used expression “blacklist” does not describe an actual list. Reports contain factual information about obligations and payments, which lenders may use in their own decisions.

3. Calculate your monthly debt-payment ratio

For personal budgeting, divide all monthly debt payments by net monthly income and multiply by 100.

Example. Net income is AMD 500,000, existing monthly loan payments are AMD 90,000, and the expected payment on a new loan is AMD 80,000. Total monthly debt payments would be AMD 170,000. The calculation is 170,000 ÷ 500,000 × 100 = 34%. That leaves AMD 330,000 for housing, food, transport, health, savings, and other expenses.

The 34% result is an illustration, not an approval threshold. A lender may calculate income, obligations, and risk differently. For your own decision, ask whether the remaining AMD 330,000 can cover essential spending and at least a small buffer if income falls or an unexpected bill arrives.

4. Dispute an error in writing and attach evidence

If you find incorrect or incomplete data, notify the credit bureau or contact the organization that supplied the information. According to ACRA, a dispute can also be initiated through the My ACRA account. Identify the exact obligation and disputed line, state what you believe is correct, and attach the contract, payment evidence, closure certificate, or other relevant document. Keep a copy and the registration number.

Under the law, a credit bureau must correct errors caused by the bureau within a reasonable period and no later than 10 days after notice. If the data supplier is responsible, the bureau notifies it no later than the following day, and the supplier examines the request within 15 days. After receiving the decision, the bureau informs you within five days. During the dispute, the data must be marked as “data disputed.”

5. Escalate through the proper complaints process

First submit a written complaint to the financial organization or credit bureau. The Financial System Mediator states that the maximum response period is generally 10 working days for a financial organization and 15 working days for a complaint against a credit bureau. If the response is unsatisfactory or is not received on time, you may apply to the Financial System Mediator. The Mediator’s service is free.

What this means for the reader

Checking a report does not improve a score overnight or guarantee a loan. It does three useful things: it lets you correct factual mistakes, prevents surprises during the application, and shows whether the new payment actually fits the household budget. Accurate data and the ability to carry new debt are separate questions; check both.

10-minute checklist

  1. Request the full report through an official channel.
  2. Compare every loan, balance, delay, and guarantee.
  3. Review inquiries made during the past year.
  4. Calculate existing plus proposed payments as a share of income.
  5. If there is an error, complain in writing, attach evidence, and keep the registration number.

Conclusion. One report and one simple calculation before a loan application can prevent lengthy corrections and an unaffordable monthly burden. Start with the free full report, then compare loan offers.

Sources

Publication date: 30 October 2026. Data checked: 30 October 2026. Category: Financial literacy. Tags: credit history, credit report, ACRA, debt burden, consumer rights. This article is general educational information, not individualized financial or legal advice.