Creditinfo records increased use of credit reports
As it celebrates its fourth anniversary in Guyana, Creditinfo Guyana is boasting of its success, having recorded an increase in individuals accessing its services when applying for credit.
This, it said, was seen after the amendment of the credit reporting legislation in 2016, an event that has to date been hailed as the single most transformative aspect of the credit bureau’s operations.
“We have witnessed a substantial increase in the utilization of credit reports for assessing loan applications among all lenders that have subscribed to the credit bureau. More individuals are also seeking to ascertain their credit status by requesting their free credit report,” the agency said.
The agency has said the development of a credit bureau in Guyana has now created an enabling environment in which larger numbers of persons can access much needed credit much easier and within a shorter processing time. Also, with the credit bureau, credit decisions are easier facilitated.
Creditinfo is urging Guyanese to take note of the Credit Bureau’s “Know Before You Go” campaign. Creditinfo was, on July 15, 2013, granted licence by the Bank of Guyana to operate, and is now focused on ensuring that its data subjects, individuals and businesses are fully aware of how the credit bureau influences their ability to access credit.
The Credit Reporting Act under which the bureau operates makes provision for consumers to be able to review their personal credit report, in order to be able to understand and assess their own credit profiles. The highly confidential report is strictly for the benefit of the consumer, and creates opportunity for consumers to check their own credit profiles and credit score free of charge before venturing to a lender for credit. It is not used for the assessment of credit applications. In essence, it allows prospective borrowers to fix potential problems ahead of the actual application, thereby significantly increasing their chances of approval.
As one of the newest subsidiaries of the global Creditinfo Group of Companies, Creditinfo Guyana has been forging ahead with its mandate to provide the full range of credit reporting services to the local market.
Creditinfo Guyana is in the process of expanding its range of data, having reached full functionality in late 2013. The main products and services include the provision of full and semi full credit reports, with an optional powerful Creditinfo predictor score available in real-time and batch.
The company is shortly expected to launch several specifically focused modules that address the needs of the financial community and the SME sector, and which will have parallel applications in other vital areas of interest.