Creditinfo Group, the leading global service provider for credit information and risk management solutions, today announces a multi-market partnership with VisionFund International to provide analytics and automation solutions throughout their global Microfinance Network.
Creditinfo’s credit risk analytics and automation solution will help VisionFund to expand their customer base whilst controlling costs. This will enable VisionFund to increase financial inclusion and improve economic conditions for lower income clients around the world.
Creditinfo will draw upon its global and regional experts to support the implementation of these solutions over a three-year period. Initially, Creditinfo will provide its solutions to six of VisionFund’s markets with a view to extending them to additional VisionFund’s markets in due course.
Paul Randall, CEO at Creditinfo said: “We are delighted to have been selected by VisionFund International to provide IDM Decision Automation solution to their global network of MFIs (Microfinance institutions). Our understanding and experience of working across over 20 markets is strongly aligned with VisionFund’s experience as one of the largest multinational networks of MFIs with its operations spanning 28 countries and reaching over 1 million active customers. We are excited about the journey ahead and helping VisionFund realize its goal of enabling clients to grow their livelihoods and secure their futures.”
Karen Lewin, Director of Credit Risk at Vision Fund International said: “With Creditinfo’s solution, we will increase our outreach, and improve both lending efficiency and our credit risk assessment capabilities, to better meet the needs of all our customers. Creditinfo’s team of global and local experts will provide us with the level of support we need to achieve these goals and increase financial inclusion in the markets where we operate.”
For information visit www.creditinfo.com
Kredītinformācijas Birojs (KIB) has concluded an agreement with Citadel Bank on using credit history data of Ukrainian nationals to evaluate the possibility of granting loans. The service will allow bank employees to verify personal identification data and residential address before opening an account for Ukrainian citizens, as well as check the customer’s credit history and information on existing credit obligations in Ukraine, evaluating the granting of a loan.
“The information provided by us is valuable for any Latvian company that enters into a contract with Ukrainian nationals to more objectively evaluate the client’s ability to fulfill their financial obligations in the future. We are happy that “Citadele” has become the first Latvian bank to which such data will be available in the future,” says Intars Miķelsons, a member of the board of AS “Kredītinformations Birojs.”
The database contains information on 15 million private individuals and 54 million unique credit agreements – both those where payments are made according to the schedule and those where the borrower delays payments. The data providers comprise 20 of the largest Ukrainian banks and non-bank lenders. The credit history report also contains the person’s tax identity number, declared place of residence in Ukraine, and registered contact numbers in Ukraine.
When starting cooperation with each client, the bank observes the principles of “know your client,” i.e., learns all the necessary information about the potential client, for example, the origin of funds entering the client’s account. The bank also checks the client’s credit history and information on existing obligations if the client has applied for a loan. The information obtained from KIB about the obligations of Ukrainian citizens will benefit the bank. “We are already providing Ukrainian citizens with the opportunity to open a bank account remotely and receive various financial services, such as loans for various purposes. The new information base will speed up these processes,” says Jānis Mūrnieks, Head of Citadele’s Private Person Service Directorate.
For the Latvian company to obtain data, it must conclude a contract with KIB. In contrast, before requesting the data, the Ukrainian citizen must permit using his data by signing the consent.
Like residents of Latvia, citizens of Ukraine can check their credit history free of charge at the Credit Information Bureau (Grēdu Street 4a, Riga). To receive information, a citizen of Ukraine needs a valid foreign passport issued by Ukrainian state authorities.
It has already been reported that last year the “Credit Information Bureau” of Latvia (KIB) concluded an agreement with the “International Credit Information Bureau” in Ukraine ( Мидрождение бюро кредитних історий ) on the exchange of credit history data of Ukrainian nationals.