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: