April 2019

Creditinfo expands regionally, stores information in Jamaica

In his interview with The Gleaner, CEO of Creditinfo Jamaica – Craig Stephen highlighted on the regional success and the goal to venture into other caribbean markets in the near future.

This vision was birthed in 2012 with the start of Creditinfo Jamaica; “to be the leading credit information bureau in the caribbean region, providing consistent and reliable credit and other information to our clients while contributing to national growth and development.”

Read the full story below.

http://jamaica-gleaner.com/article/business/20190417/creditinfo-expands-regionally-stores-information-jamaica

 

When challenge meets opportunity: Meet Ruby, a Creditinfo success story

The true spirit of an entrepreneur comes down to passion and determination. At Creditinfo, we meet entrepreneurs every day, and it’s our goal to support these budding business men and women with the appropriate tools, knowledge and access to finance.

Welcome to our #CreditinfoMeets series, where we profile some of the success stories enabled by our partnerships with financial institutions across the world.

First up is Ruby. After falling on difficult times, Ruby made the decision to launch her own business, and quickly realized the benefits of tracking her credit history in real time.

Here’s just a clip of Ruby’s interview, where she tells her inspirational story.

Watch on YouTube

How to use your credit score to negotiate better terms with your financial institution

Last week, a leading TV station in Kenya – Citizen TV did a story on Digital Lending Apps and their impact in Kenya. There has been a sharp rise in the number of mobile lending apps in the country and the worry is about how people are accumulating debt and borrowing from the various apps simultaneously and defaulting therefore affecting their credit score.

Watch more on of the story here:

Creditinfo reached out to the station to explain the role of CRB’s and how they benefit individuals. Everyday we strive to change the misconceptions of negative listing and try and educate on the importance of paying loans on time and the benefits of a good credit score.

See the follow up interview below:

Creditinfo Group awarded the Knowledge Prize 2019

The Association of Business and Economics has chosen Creditinfo as the Knowledge company of the year 2019.

Creditinfo Group was chosen as the Knowledge Company of the Year by the Association of Business and Economics. During the selection process, companies that have excelled in  their international markets in the recent years were considered. Other companies that also came at the top include CCP, Marel and Nox Medical.

“It is a great motivation for us at Creditinfo to receive the Knowledge Prize,” said Brynja Baldursdóttir, Managing Director of Creditinfo Lánstraust and Regional Manager of Creditinfo Group in N-Europe. “Our business is based on an Icelandic ingenuity that is now in use in 45 countries around the world, keeping pace with this journey of creating value based on knowledge.”

“I am extremely proud that Creditinfo has been awarded the Knowledge Prize 2019, and that we have been awarded repeatedly before in Iceland for growth in job creation, as well as being named as the entrepreneur of the year in 2008,” said Reynir Grétarsson, founder and chairman of Creditinfo Group.

“We are being awarded for creating a valuable business based on knowledge, know-how that we have developed and found many forms and ways to sell in great number of countries. Most people only hear of us when they are declined credit since we have their credit score data. Such awards help remind all of us of the fact that we are creating valuable services that are important for the economy and to improve peoples lives. I am proud and grateful to the entire Creditinfo Group team and what we do for our company. Each and every person in the company plays a role that is necessary for the company to run efficiently.”

“Another milestone achieved thanks to the smart work and passion of our international, multicultural and talented team of professionals worldwide. Thank you to every single one of you, you make Creditinfo thrive!”, added Stefano Stoppani, the Creditinfo Group CEO.

We at Creditinfo Group would like to say a special thank you to the Association of Business and Economics for this recognition.

Jamaicans urged to take credit scores seriously

Creditinfo Jamaica – Craig Stephen was interviewed by The Jamaica Gleaner on importance of Credit Scores

WHAT IS A GOOD SCORE?

Craig Stephen, CEO of Creditinfo Jamaica, one of three licensed credit bureaus operating in Jamaica, said anything above 600 is considered a good credit score.

He said that data collated by a credit bureau in a borrower’s credit file is used to calculate the individual’s credit score, which is determined by five major factors: payment history, debt balance, age, types of credit accounts, and the number of enquiries about the person’s credit history.

Stephen pointed out that potential borrowers must be aware that regular credit checks by financial institutions can affect their credit score.

“It can affect you negatively, especially if there are too many enquires in a short period of time,” he said.

Read the full interview here.

Credit reporting in Jamaica -Discussion with Creditinfo CEO- Craig Stephen

The Exchange on Jamaica News Network –  Credit Reporting in Jamaica

CEO of Creditinfo Jamaica Limited- Mr. Craig Stephen along with Chief of Credit Risk Management, JN Bank Limited-Mrs. Keisha Melhado-Forest and Managing Director of a local microfinance company, Paradigm Capital Limited-Ms. Gail Dixon sat down to discuss Credit Reporting in Jamaica.

This was led by Mr Neville Graham of Jamaica News Network-The Exchange and Business Reporter with the Financial Gleaner. The panelists engaged in a hearty discussion which highlighted the perspectives of the Credit Bureau as well as the Commercial Banking and Micro Lending Sectors.

Mr. Stephen spoke to the impact Creditinfo Jamaica Limited has had on the lending market since the Bureau opened its doors in 2013. Some key mentions were: the decrease in default rates within our financial institutions for all loan types, the reduction in interest rates which has been at single digits for various loan products for the past 2-3 years and finally the ease of access to finance which is facilitated by the provision of reliable, objective and simplified information on borrowers through a partnership with Creditinfo Jamaica.

Creditinfo Jamaica’s support also extends to the Jamaican citizens who are able to access their credit reports directly from Creditinfo Jamaica. This is critical to helping borrowers understand their risk profiles, it empowers borrowers to negotiate with their Financial Institutions as well as gain access to other types of services.

Mr. Stephen also stressed the importance of paying bills, installments and revolving loans on time. This is key to maintaining a good history with the bureau which ultimately increases one’s chance of accessing credit in the future.

Being a full-service Credit Bureau, Creditinfo Jamaica not only provides credit information but a whole suite of products such as Instant Decision Solution, Monitoring, Data Analytics and Scoring Solutions to include Behavioral Scorecards such as Social Media Scoring.

Creditinfo Jamaica is a regulated entity. The Bank of Jamaica presently provides oversight. Mr. Stephen along with the other panelists reiterated the necessity that our credit providers support the Credit Bureau eco-system. The sharing of information is critical to promoting financial inclusion as well as ensuring that the eco-system works for all stakeholders. Creditinfo is a global brand, to date, we have extended our reach regionally to include operations in Guyana and Barbados.

Watch the full Video here: