One year after Guyana’s first Credit Bureau–CreditInfo was officially launched, it has established collaborative relationships with a number of private and public organisations.
In celebration of its first anniversary, the company issued a release detailing its accomplishments and expressing gratitude to its partners.
According to the statement, over the past year the Credit Bureau has established collaborative relationships with all the banks, most of the major utility companies and is currently engaging the insurance and retail sectors.
The list includes Guyana Bank of Trade and Industry, (GBTI) Republic Bank Limited, Bank of Baroda, Scotiabank, Demerara Bank Limited, Citizens Bank as well as Hand in Hand Trust and Institute of Private Enterprise Development, (IPED) and major utility companies, the Guyana Telephone and Telegraph Co. and Guyana Water Incorporated.
Chief Executive Officer, Judy Semple-Joseph noted that Creditinfo International (GmbH) granted the company its licence to operate Guyana‘s first Credit Bureau on July 15, 2013.
The objective of the company is to enhance competitiveness under the National Competitiveness Strategy and to support the risk management process and enhance access to finance by Guyanese.
For many years, the banks have been sharing information about borrowers informally among themselves. Creditinfo only makes the existing system more efficient and the credit climate more agreeable for consumers, through its method of analyzing credit information and making it readily available.
As part of the process, the bureau says that ongoing support is also being provided to Credit Information Providers (CIPs) and three teams of software specialists from the Creditinfo Headquarters, for the purpose of providing technical support to facilitate the provision of high quality consented data.
The Bank of Guyana, in extending congratulations to Creditinfo Guyana Incorporated, acknowledged this important milestone in the development of the financial sector. The Bank also noted the critical role a credit bureau plays in the expansion of credit in an economy contributing to the improved performance and quality of loan portfolios by allowing greater access to financing; while facilitating financial inclusion of the “unbanked” in the formal sector through the use of credit reports.
BOG emphasized that the sustainability of the Credit Bureau depends highly on the richness of the database which could only be attained by the provision of credit information data to the Credit Bureau by the Credit Information Providers.
The Bank of Guyana also expressed public recognition of the entities which have already signed on and solicited their full support to make the country’s first Credit Bureau a success.
The Credit Bureau is currently in the process of engaging the insurance and retail sectors.
The company will also be launching a public education campaign which would serve to underscore the value of the credit bureau to all stakeholders as well as the necessity for consumers’ consent in data sharing.
It is therefore Creditinfo Guyana Inc’s greatest expectation that over the coming months, the Credit Bureau initiative be given the highest priority by all stakeholders so that sustainable life operations can become a reality by primarily being able to facilitate access to credit reports for better credit risk assessment, and allowing for the resultant benefits to be gained by all stakeholders.
Creditinfo is a leading worldwide service provider of credit information and credit risk management solutions, including tools for decision making, models and software.
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