CELEBRATING three years since it was granted a licence to operate in Guyana, the credit bureau and information service group Creditinfo has cited the passage of the Credit Reporting (Amendment) Act in the National Assembly as the single most transformative aspect of its operations to date.On July 15 last, when the company celebrated its third anniversary, Creditinfo hosted its subscribers to a Stakeholder Breakfast Roundtable where a comprehensive report on the credit bureau’s activities over the past three years was presented by the group’s CEO, Judy Semple-Joseph.
Semple-Joseph told those gathered that the passage of the Credit Reporting (Amendment) Act No. 2 of 2016 in the National Assembly allowed the expansion of the list of subscribers from mainly financial institutions, including all commercial banks, to all major state and non-state service entities, as data providers to Creditinfo Guyana Credit Bureau.
The group singled out the Guyana Telephone and Telegraph Company, (GTT), the Guyana Power and Light Company (GPL) and the Guyana Water Inc (GWI) who are now fully on board. The use of utility data in lending decisions has long ago been proven to be an effective mechanism for creating credit profiles and providing access to credit facilities for persons who have had little or no previous relationship (or familiarity) with the banks.
It said that the amendment also led to a substantial response to the utilization of the credit reports which has been recorded and, consequently, the operations of the credit bureau have begun to experience a slight shift in a positive direction.
The group said that the establishment of its credit bureau in Guyana has resulted in the creation of an enabling environment in which larger numbers of persons can access much-needed credit much easier and within a shorter processing time. Additionally, the presence of a credit bureau leads to the facilitation of more responsible lending.
The Iceland-based group said too that it is currently assisting several local companies in developing their database integrity, a move which the group says places those entities in a better position to service the consumer market.
According to a release from the company, it aims to expand its value-added services, including Bureau Certified credit clearances for use by prospective employers and landlords and online ID and address verification services for use in the business sector.
The company said that it has been forging ahead with its mandate to provide the full range of credit- reporting services to the local market. The group said a series of activities is currently underway to mark its third anniversary.
These include the first-ever Open Day which will be hosted by the company on Wednesday, July 27, at its office at Lot 267 ‘B’ New Market Street, North Cummingsburg, in the city. The event, which is open to the public, will see presentations on the importance of responsible credit practices, how to understand your own credit report, and how to repair your bad credit will be done.
In addition, free credit reports will also be offered and bureau staff will be answering questions from visitors between the hours of 10:00 hrs and 16:00hrs( 4:00 p.m.). The credit bureau will also be launching its new public information brochure on this occasion, the company said.
Meanwhile, Creditinfo noted that its global affiliates are making preparations for the observance of Credit Bureau Day on Thursday, September 22, 2016 . It will focus on Access to Credit by SMEs this year.
Creditinfo stated that “responsible access to credit and service quality at this level is meant to support the development of a more robust financial sector, to create countless opportunities for the expansion of business and in general, better serve the possibility of better lives for all Guyanese.”
Credit bureaus are seen as important elements of the financial infrastructure that facilitate access to finance. Easier access to finance is a significant driver of economic well-being in any country, but more particularly for those countries in the developing world, such as Guyana.