Evolution of customer onboarding and risk assessment 

This year, Creditinfo celebrated its 25-year anniversary, so I decided to look back on how the landscape in effective credit risk management has evolved. 

While it was a little before my time, I’m sure there are still many people today who remember that the only way to open a bank account, apply for a loan or to be considered for a mortgage was to visit your local branch and sit with a loan officer. Though, this is still the case in many emerging markets even today, there will be some small differences on the data used and the risk assessment criteria that is in place.  

Historically, a visit to the branch would involve meeting a loan officer who would then try to understand your circumstances before making an approval. If there was a past relationship or a connection (family member, friend, etc) with the loan officer, this would usually work in your favor. It was a direct relationship that usually lasted a lifetime. The loan officer would know or at least try to understand as much personal information on your employment, income, and expenses as possible and then would make a personal judgement to provide you with a form of credit. All of this was most likely completed and documented on papers and filed into a filing system for record.  

 Fast forward a few decades and not only are local branches disappearing, but also the idea of sharing personal information with a “stranger”, along with any supporting documents that validate your circumstances are a thing of the past. In a world of smartphones, tablets, and access to the internet 24/7, we have moved to a new wave of digital lending.   

Lenders are implementing new strategies today to meet the end needs of customers by enabling access to credit instantly at their fingertips. Digitalization has become the new norm in lending and to succeed today, lenders need to adjust and transform their platforms. It is now a thing of the past to fill in an application form on paper when we have a smartphone in our pockets that can allow us to fill in the same information into a mobile application within a few minutes. As part of the loan onboarding, we can now validate our identity through biometric authentication options – fingerprint analysis, selfie/face recognition and document validation, etc. eliminating the need to do human to human verification.  

 The challenges from old-fashioned lending methods, i.e. understanding family ties or seeking information on employment and income would typically result in an unfair and inaccurate risk assessment. With the vast amount of information available today, either traditional or non-traditional, we can accurately assess everyone, even customers with limited credit history – “thin files”. These are often rejected due to the lack of evidence on how risk-tolerant or risk-averse they are. Usually, the absence of traditional information for these customers creates a challenge for them to receive the financial support they need. With the introduction of psychometric data, e-wallet data or open banking solutions, lenders can combine credit scoring methods with traditional models to provide accurate and reliable risk assessment.   

The benefits and success of this digital transformation and innovative approach to lending is not just about delivering quick-fix money solutions. Instead, it is about empowering individuals, facilitating access to credit and growing our global economies.    

If you are interested to reach the top and win the digital race with a state-of-the-art digital lending platform then reach out to Gary Brown, Commercial Director, Creditinfo Group.  

Visit www.creditinfo.com for more information.

Paving the way for a brighter future through SME lending  

Developing modern solutions and removing barriers, paves the way for a brighter future through SME lending

SMEs (Small and Medium-sized Enterprises) are known as one of the biggest business sectors in each economy, being important contributors to job creation and global economic development. They create more than 50% of employment worldwide.

SMEs have gained importance in developing economies. Although SMEs have some weaknesses, they are less affected by economic crises due to their flexibility and ability to keep up with changing conditions. SMEs are vital establishments to create an effective innovation ecosystemThis is shown by recent studies that SME’s can contribute to over 55% of GDP and over 50% of total employment.

SMEs can find it increasingly difficult to borrow money from traditional banks because of strict requirements. It is often seen that SMEs are riskier than large institutions as it is difficult for banks to evaluate them in the same way since they often do not have solid accounting systems. This difficulty in assessing their creditworthiness often impacts the bank’s ability to provide affordable credit. As a result, many SMEs are forced to look at alternative solutions such as expensive credit lines charging high interest rates or offering costly collateral. Neither of these options are sustainable for small businesses.

SMEs need fast decisions and a more agile, digital approach. This is where Creditinfo and local Fintechs are working in collaboration to support the sector. Together, we specialize in using technology to quickly assess each SME’s entire data footprint and then provide tailored financial solutions. Based on our experience in Africa, we can assess the credit risk an SME poses by using real-time data from multiple sources, including e-wallets, credit bureaus and credit scores. The traditional method, consisting of manual processes and hard copies, is now an outdated approach in the digital world.

Digital SME finance, using alternative data, offers an extraordinary opportunity for addressing some of the challenges. Every time SMEs and their customers use digital services, conduct banking transactions, make or accept digital payments, use their mobile phones, or manage their receivables and payables through a digital platform, they create alternative data. This real-time and verified data can be analyzed to determine both capacity and willingness to repay loans.

Specific SME assessment methodology can also be applied. For example, small companies tend to have a greater level of owner centricity. Therefore, blending business and personal data can enable the development of highly predictive blended scorecards that utilize the payment behaviour of business owners and managers and company credit data to produce a more comprehensive risk assessment.

Help is also needed from Central Banks to continue to support this sector. We are seeing reforms happening globally where Central Banks are implementing mandates for all banks to lend a set percentage of their credit portfolios to SMEs. Boosting the availability of finance for the SME sector, the reforms aim to ease the flow and reduce the high cost of credit to a sector that is considered an engine of growth for the future.

SME lending is rapidly growing, and by putting the customer needs first and using new solutions and data, we can begin to shift the status quo. Globally there is a shift toward digital lending solutions, which can support a level playing field for SMEs. By transforming this lending sector as a whole, we can make it more accessible for small businesses to grow and continue making a difference.

Joe Bowerbank – Business/Commercial Development, Creditinfo Group.

www.creditinfo.com

Angola’s first licensed credit bureau in partnership with Creditinfo to provide millions with access to finance

• Private credit bureau will support responsible lending and economic growth
• Millions of unbanked citizens and small businesses to gain access to lending for the first time

Luanda/London, 16th May 2022 – Creditinfo Group, the leading global service provider for credit information and risk management solutions, today announces plans to open Angola’s first licensed credit bureau, with Bureau Central Privada de Informação de Crédito SA (Bureau). This long-term strategic partnership, represents a vote of confidence and major investment into Angola’s buoyant economy, unlocking access to credit for millions of micro-to-medium sized businesses and citizens – many of whom are currently unbanked.

To deliver a world-leading private credit bureau solution, Creditinfo will combine Bureau‘s local knowledge with its own extensive experience delivering private credit bureau solutions in developing markets – including across Sub-Saharan Africa. The project’s initial remit will include Creditinfo’s most popular products and services, including CBS. Based on market appetite, further value-added products will be introduced.

Samúel White, Regional Director at Creditinfo said: “Accessing credit has long been a challenge across Sub-Saharan Africa. By opening Angola’s first private credit bureau, we’ll enable banks and other lenders to extend credit to citizens and businesses, helping to build and develop its already thriving economy. Supporting the unbanked to access finance requires a specific set of experiences and insights which Creditinfo has honed over decades of working across the region. We’re proud to be a leader in this space and can’t wait to open for another dynamic market together with our strategic partners.”

Cristiano Monnerat, Director at Bureau Central Privada de Informação de Crédito S.A. added: “Boasting significant untapped opportunities for wealth creation and a young, dynamic population, Angola represents an attractive investment for us. As such, we’re excited to be able to draw on Creditinfo’s global expertise to build a private credit bureau that’s run by local people, for local people. All in all, this marks a major step forward for Angola’s growing economy.”

-ENDS-

About Creditinfo

Established in 1997 and headquartered in Reykjavík, Iceland, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.

With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For

decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals. For more information, please visit www.creditinfo.com

About Bureau Central Privada de Informação de Crédito S.A.

Established in 2021, the Bureau Central Privada de Informação de Crédito S.A. (Bureau) supports access to finance in Angola – with a focus on underserved segments of society with no formal access to credit facilities. Bureau is led by a highly qualified team of Brazilian advisors based in Angola. In February 2022, the Bureau received its operational license from the Central Bank of Angola, fulfilling all of the legislative and regulatory requirements.

The long-term strategic partnership with Creditinfo Group will provide Bureau with the necessary insights and industry best practices from similar markets to increase economic growth and improve financial inclusion across Angola.

Media Contacts:

Jack Benda

Red Lorry Yellow Lorry for Creditinfo Group creditinfo@rlyl.com

+44 (0)7760 291 679

Open Banking in the MENA region

We recently sat down with the Commercial Director at Creditinfo Group, Gary Brown, where he highlighted his thoughts on Open Banking in  the MENA (Middle East and North Africa) region. These were some of his insights:

What is Open Banking?

Open Banking is a service that provides third-party financial service providers open access to consumer banking transactional data from banks and financial institutions using application programming interfaces (APIs). Open Banking is growing with popularity globally and in the MENA and could soon become the latest source of FinTech to shape the banking industry.

Delivered through open banking, banks allow access and control of customers personal and financial data to third-party service providers. Of course, customers are required to grant consent to allow the bank access and permission to share. Lenders are then able to use customers data and transaction history to drive insights such as spending habits and regular payments. This will enable more competition and innovation to financial services which will lead to better products to help consumers manage their money.

What are the benefits to Open Banking?

Open Banking allows lenders to add an additional layer of data and complete a more accurate and comprehensive picture of a customer’s financial situation to offer more competitive and profitable loan products. It can also benefit the consumer and help them manage their own expenses and accounts. An open Banking application can display all the consumers banking accounts in one place and display their spending habits and behaviors.

Open Banking is a straight-forward solutions with low integration costs that can greatly benefit large and established banks, small banks and digital banks. It can reduce operational costs and provide a wider customer outreach through digital channels, hugely important in the MENA with such a high percentage of the population with access to a digital smartphone. This new technology can strengthen customer relationships and customer retention by helping consumers manage their expenses and connect with them through digitalization.

How will Open Banking improve the customer experience in the MENA?

With such high smartphone usage across MENA, Open Banking will provide consumers the ability to have full control over their finances under one view, as well provide them with a better range of products and services personalized to their financial situation. Consumers across the MENA are requesting more flexible and forward-looking systems that support fintech innovation. Open Banking allows consumers to be in control and empowers them and small businesses by creating a simple platform for accessing, controlling, and sharing their data so they can benefit from it. With connected accounts across the financial services landscape, consumers and small businesses can put their data to work, whether it’s for one specific purpose or across multiple apps and services.

Data exchange is crucial across any financial ecosystem and Open Banking plays a vital role by providing a new additional layer of data. Enabling a secure and safe flow of data across accounts and apps efficiently will fuel innovation for banks and provide many new benefits across the industry, such as improving financial literacy and extend financial inclusion to the underserved.

Can you explain the differences between Open Banking and Open Finance?

Open Banking and Open Finance are the latest buzz topics when it comes to fintechs and innovations in the Banking industry. Open Finance has been developed from Open Banking and will provide an extra layer of data available to consumers and organizations, Open Finance will include other financial data, such as mortgages, savings, pensions, insurance, utilities, etc. This will enable consumers to provide access to their entire financial footprint and provide them with an even better customer experience.

To better serve the unbanked or underserved, Open Finance will further level the playing field and make it easier for these consumers to have access to affordable and sustainable credit, providing everyone access to the services they require and deserve. With more access to finance, we can expect to see better economic growth across MENA.

Paul Randall marks 15 years at Creditinfo Group

We recently sat down with our CEO, Paul Randall and asked him 15 questions to mark his 15 years at Creditinfo Group. Get to know a little more about Paul as he celebrates this milestone:

1. Describe yourself in 3 words? Competitive. Curious. Optimistic.
2. What was your first job? JD Williams in Manchester -a clothing retail outlet that sold clothes on credit.
3. How many countries have you worked in? Over 50 countries and counting.
4. How long have you worked in the credit industry? Over 35 years; not only just the credit industry, but also in telcos, retail, and utilities. 
5. What has been your most shocking discovery working in this industry so far? I think some of the practices on collections. I feel that collections processes need to be more humane. There is also the fact that there are additional costs to customers particularly those who are borrowing short term. There is a place for short term lending, which has a higher cost than low risk lending, however this needs to be done fairly.  
6. What has been your highest moment working at Creditinfo Group? Meetings with central banks particularly in West Africa in Senegal. The BCEAO is very prestigious organization, which is very well respected, and for us to demonstrate that we could provide meaningful services to that region, was very important. Other great moments were winning major tenders with organizations such as Pefindo and Safaricom. 
7. Out of all the markets we are present in, which one intrigues you the most and why? So many markets intrigue me in different ways. I think the variety is what intrigues me the most – working from SME’s, business lending, all the way to trade credit, and everything in between.
8. Working at Creditinfo opens doors to meeting a lot of personalities to look up to. Who have you met so far that has influenced your career? There are a number of personalities in the in industry that I’ve met and worked with. I have been lucky to have had a lot of good leaders. I have also learnt from team members, that gave me important feedback. When I was in banking, I had a risk management director Caroline Hendra, who was really inspiring as she went into a very male dominated banking environment in the 90’s, and through her intelligence, she transformed the business. Graham Platts, was also a big influence in terms of understanding of risk management and credit scoring. When I was at Experian, Mark Gaudart made it clear that it’s not only about having knowledge, but also how you communicate that information that is critical to ensuring that the message is passed. I have also learnt a lot from Reynir Grétarsson on being entrepreneurial, taking risks and having emotional intelligence when it comes to negotiation.
9. How do you as Paul maintain the equilibrium between work and life? I spend my spare time on sporting activities (practicing and watching). I also make time for my family and friends, and this to me brings balance. 
10. As our Group CEO, how can you say this role has transformed you? I’ve learned a lot about business; understanding the appropriated strategy and how to make that happen; dynamics of people within the business and I have also been so impressed by the quality of the teams that we have and how hard they work.
11. What has been your greatest motivation? Seeing the success of team members will always continue to motivate me. Witnessing their growth in different stages is always something that pushes me as well so that we all excel in the end.
12. What are you currently reading? True History of the Kelly Gang – Winner 2001 Man Booker Prize (UK).
13. What is your morning routine? Training in the morning – through zoom videos while overlooking the sea at 7:00 o’clock in the morning as the sun is rising is quite fantastic!
14. What fun fact can you share that we don’t know about Paul Randall? As you can see from the countries I have been in, I am curious and always learning about new cultures and trying out different cuisines (anything with seafood always a favorite!)
15. Parting shot? Give us a quote in Paul’s words. I like the phrase – “It is better to have fought and lost than to have never fought at all.” But I like to win!

Top trends that will shape banking in 2022 

We sat down with our Direct Markets Director at Creditinfo Group, Samuel White, to discuss some of the key trends that will shape banking in the MENA and Asia region. These were some of his thoughts:

New market players from non-traditional lenders such as telco or payment providers

We are seeing an increasingly number of non-banks entering the markets. There has been a clear sign that these companies have a wealth of internal data through their platforms and usually e-wallet transactions. It has been proven that this data is extremely valuable during the risk assessment process.

SME finance

SMEs are playing an instrumental role in local economies but still struggle to receive the access to banking products in a timely fashion. In the region every country is looking at how better to serve these customers and provide them with the solutions they require.

Digital Banks, Neo Banks, Born Digital Banks

Many of the traditional lenders are based on legacy technologies and we have seen an accelerated approach to digital transformation over the last 2 years. We have also seen some banks create new digital arms to their organization setup with new technology away from legacy portfolios. These Born Digital Banks are increasing in the region, and anybody left behind can expect to lose some market share in the future.

BNPL

Buy Now Pay Later (or as some are calling it Save now pay later) is not a new concept but there is no doubt it is growing with popularity. The demand for flexible payment offerings is at an all-time high. Typically, these smaller value loans are based on impulse buying so lenders must make sure they have the process in place to offer instant decisioning.

We also asked him how Creditinfo is playing a role in shaping these trends:

How is Creditinfo helping banks lead in the digital era? 

At Creditinfo we are focusing on helping banks streamline and improve the credit process across the full credit lifecycle, from origination through scoring, risk, decisioning and portfolio management. We are offering enhanced digital channels to meet the customer demands and reach the underserved or unbanked segments. We recognize it has become more accessible for individuals and SMEs to make use of digital financial services and by working with Banks we can develop software and applications to deliver services that are more transparent and automated.

What is Creditinfo’s business model and how do you see this model shaping the banking industry?

Creditinfo is a provider of credit information and risk management solutions worldwide, one of our primary goals is to help facilitate access to finance. We have built credit bureaus globally and across different markets, giving us key insights and knowledge into best practices. Creditinfo has a vision to create successful partnerships with lenders, governments, central banks to help increase financial inclusion and generate economic growth by allowing credit access for individuals and SMEs.

Creditinfo wants to continue building products and working with partners to add further solutions and data to enable lenders to further lend in a responsible fashion. Lenders are shifting their attitude towards FinTechs to keep pace with change and remain competitive. There is a huge variety of FinTech offerings available today using wide range of data that’s delivered through applications to provide lending decisions in only a few seconds.

Creditinfo Gulf and Tech Access Strategic Partnership

Creditinfo Gulf and Tech Access joined forces and announced a strategic partnership to enhance risk assessment and facilitate access to finance in the MENA region.

Both companies will help Lenders and Tech firms streamline the risk assessment process and increase credit quality, earnings and growth while mitigating credit risk.

Creditinfo is a leading service provider for credit information and risk management solutions worldwide. It has established more than 33 credit bureaus in mature and emerging markets over 4 continents, thus tangibly contributing to growing and strengthening economies.

Tech Access has become an acknowledged industry leader in the ICT enterprise distribution market in the MENA region. Providing technology solutions to large Govt., private and public corporations across UAE, KSA, Pakistan, Levant & Africa regions.

“Our partnership, comprised with Creditinfo Gulf, is to enhance our local and regional coverage on credit information and fintech service provider across the globe, offering cutting-edge analytical tools and software solutions for the financial industry for efficient credit risk and strategic decision making” commented Jawwad Rehman, CEO Tech Access.

“This announcement marks another significant milestone, and we are excited to start this new partnership with Tech Access to provide full potential of intelligent information, software and analytics solutions. Supported by international know-how and local market support, setting a remarkable high bar in the MENA region. We look forward to working with Tech Access and Financial Lenders to deliver these capabilities.” commented Gary Brown, Managing Director Creditinfo Gulf

Ends.

Creditinfo awarded contract as the service provider for the Credit Information System of Seychelles

Creditinfo to establish a new Credit Information System for the country.

London, UK – 11th January 2022: Creditinfo Group, the leading global credit information and decision analytics solutions provider, today announced that it has signed a contract to design, implement and support a new Credit Information System (CIS) for the Central Bank of Seychelles (CBS).

The contract – which will see Creditinfo’s solution rolled out over the next 12 months – makes CBS the 10^th central bank to procure a credit information solution from the company.

At the end of 2020, the Seychelles population stood at 98,963, out of which there were approximately 20,099 active retail credit consumers. Seven commercial banks, all licensed and regulated by CBS, are currently the main institutions granting credit facilities to customers. A local credit union and two micro-finance institutions, also supervised by CBS, are the other major providers of credit facilities.

One of the recommendations in Seychelles’ Financial Sector Development Implementation Plan adopted in 2014 was the need to enhance the effectiveness of the existing CIS operated by CBS, inclusive of broadening the scope for the capture of information across all relevant credit providers. In this context, CBS initiated a tender process in April 2021, inviting credit information solutions providers to submit proposals to develop and implement a new CIS. The contract has ultimately been awarded to Creditinfo.

The solution will include scoring, benchmarking, and the implementation of external data sources. Creditinfo will also provide training, consultancy and ongoing support services for the management of the system over the next five years to ensure that CBS employees, local lenders and data providers have the necessary knowledge to make the new CIS a successful endeavor.

Once established, the new CIS will support existing lenders and, over time, onboard other credit data providers, including fintech companies, state-owned enterprises, hire purchase providers, credit sales and financial leasing companies, insurance companies, amongst others. Hence, the new and expanded CIS will support the incorporation of additional data to supplement traditional sources and ultimately provide more individuals and businesses with the financing needed to realize their goals and grow the economy. In addition, the enhanced system will assist the overall mitigation of credit risk.

Samuel White, Regional Director at Creditinfo commented: “While the Central Bank of Seychelles currently has a credit information system in place, it doesn’t meet the market needs of today, and certainly doesn’t enable it to realize the future ambitions of the country and its economy. We’re delighted to win this tender to put in place the technology and knowledge base to help open doors for individuals and small and medium-sized enterprises by increasing access to credit.

We see huge untapped potential in the market, and we are excited to work with our 10^th central bank customer to establish a credit information system fit for the future. Once operational, this new system will enable more responsible lending by empowering local credit providers with the data they need to ensure they manage lending risks appropriately, ultimately boosting access to finance for individuals and small businesses.”

Caroline Abel, Governor, Central Bank of Seychelles, said: “Seychelles has a vibrant financial services ecosystem, and access to credit is an important aspect as we look to boost financial inclusion in the market and look at ways to grow our economy. At the same time, lenders should have access to appropriate data to have a better overview of the creditworthiness of borrowers, be able to assess credit risks and make sound financial decisions. Information collected through such a system can also be used for analysis and monitoring in the areas of financial inclusion and stability.   

The CBS is therefore looking forward to the collaboration with Creditinfo over the next five years to have a modern credit information system that is in line with industry standards, ultimately assisting the development of the credit environment and overall financial sector.”

Paul Randall, CEO of Creditinfo Group added: “Creditinfo has been effective in strengthening the financial infrastructure in numerous countries across the world, and working with central banks to create a robust and fair way to assess risk and credit affordability. We are looking forward to supporting the Central Bank of Seychelles with their implementation of a future-looking credit information solution and widening access to the information and financing that will be key to future business and economic growth in the country.”

-ENDS-

About Creditinfo

Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and analytics solutions.

With more than 30 credit bureaus running today, Creditinfo has the largest global presence in the field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest lenders, governments and central banks globally – all with the aim of increasing financial inclusion and generating economic growth by allowing credit access for SMEs and individuals.

For more information, please visit www.creditinfo.com

Media Contacts:

Matt Silver

Babel PR for Creditinfo Group

Creditinfo@babelpr.com

+44 (0)20 7199 3997

Creditinfo awarded license to become Malta’s first Credit Bureau

Creditinfo Malta will help local credit providers take a more intelligent approach to risk and boost financial inclusion.

London, UK – 21st December 2021: Creditinfo Group, the leading global credit information and decision analytics solutions provider, today announced that its Maltese business has been granted the license to act as a Credit Reference Agency, officially recognizing the Creditinfo Malta as the first licensed credit bureau in Malta.

This license will enable the company to launch a credit scoring system for Malta, and collaborate with local banks and lenders to create dedicated scoring products and strategies, tailored to their needs and risk appetite.

Consumers and SMEs in smaller markets like Malta are less likely to obtain financing than those in larger market with more established financial infrastructure, due to lack of information about their credit history. A credit reporting system – like the one Creditinfo is putting in place – helps to provide the information on borrowers and their financial situation lenders need to derisk the system and give them the confidence to widen access to financing.

The deal, which will see Creditinfo play an increasingly important role in the Maltese market, strengthens the company’s relationships with two key local authorities, the Malta Business Registry and the Malta Financial Services Authority, who are equally invested in growing the Maltese economy and boosting financial inclusion.

Clifford Debono, Country Manager of Creditinfo Malta commented: “A formalized credit reporting system in Malta should help open doors for small and medium-sized enterprises that have long been closed, by increasing access to credit. That will in turn enable them to grow, create jobs and benefit the overall economy.

“We see huge untapped potential in Malta, and we’re excited to establish the country’s first ever credit bureau, which will be a key driver of digitalization in Maltese financial services., ultimately boosting access to finance for individuals and small businesses.”

Paul Randall, CEO of Creditinfo Group added: “Creditinfo has been effective in strengthening the financial infrastructure in numerous countries across the world. We’re looking forward to seeing how the local lending landscape develops as we roll out our market leading credit bureau solution in Malta, derisking the financial system and widening access to the financing that will be key to future business and economic growth in the country.”

Ends

About Creditinfo

Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and analytics solutions.

With more than 30 credit bureaus running today, Creditinfo has the largest global presence in the field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally – all with the aim of increasing financial inclusion and generating economic growth by allowing credit access for SMEs and individuals. For more information, please visit www.creditinfo.com

Media Contacts:

Matt Silver

Babel PR for Creditinfo Group Creditinfo@babelpr.com

+44 (0)20 7199 3997

New Creditinfo Jamaica Country Manager encourages Jamaicans to be proactive

Christopher R. Brown who was appointed as the new Country Manager for Creditinfo Jamaica on August 11, 2021, is encouraging Jamaicans to “be vigilant in guarding their credit history and their credit data and in managing them” to ensure there are no surprises when individuals or businesses seek to access services which require a credit report.

Brown, in an interview with the Jamaica Observer, reminded Jamaicans that they are entitled to one free copy of their credit report each year by law. He said Jamaicans should go to any of the credit bureaus and request their credit report each year and scrutinise it for “errors or outdated information” and where these are found, “they can then lodge a formal dispute after which it is the responsibility by law for the institution that they have lodged the complaint against, to investigate and correct it, once it is proven that it is an inaccurate record that is kept for that individual”.

He said errors can occur in the case where people may “have closed an account and completed payments on a loan account or a mortgage account, or a hire purchase agreement, and unfortunately it is not updated in the system and it is negatively impacting their credit score. So even after you have closed an account or some contract, or some credit cards or loans that you have paid, it is good to check to ensure those information are updated in the system so that your credit report is always current and up to date, because managing your credit is very essential in these days where credit is king and so fundamental to economic livelihood and, by extension, economic growth.”

He told Sunday Finance that if the entity against which the error complaint is brought, investigates and validates that there was an error, the law requires an updated credit report to be generated and dispatched to the institution which the individual had sought to do business with in the last six months. Whether terms or conditions of any agreements change after the updated information is then to be negotiated with the entity with which the individual is doing business. He stressed the importance of having the records updated because entries stay on the report for seven years.

Brown said getting Jamaicans to be vigilant in guarding their credit data is the message Credit Info Jamaica is pushing.

Credit Info Jamaica is the first credit bureau that was established in the country following the passage of the Credit Reporting Act in 2010. The company, which started its Jamaica operation in 2011, is part of a global network which has operations in Europe, Africa and sections of the Caribbean. In the region it also has facilities in Barbados, Guyana and the Eastern Caribbean.

“We see ourselves as an important part of the local financial infrastructure…part of the push for economic growth,” he outlined. Credit bureaus “have been a fundamental part of the whole improvement in how individuals and institutions now manage their risk in an integrated way. Whereas in the past, institutions would have to take the information that is given to them either by the client and other sources that they have to use intelligence to gather, now they can get it instantly, automated and at the click of a button, they can have the information of a customer sitting infront of them. It makes the application process more efficient and faster. It allows institutions to know how and who they can market their products to and what type of products they can market to individuals. It allows them to determine the credit terms that they will offer based on the credit history associated with the individual,” he added. He indicated that this has seen Jamaicans being more responsible because the list of institutions which credit bureaus collect information from to create a credit profile on an individual is extensive.

Article was originally published on the Jamaica Observer