Credit Bureau makes strides

Feb 05, 2014 News

– but hindered by misconceptions

By Kiana Wilburg

The Credit Bureau launched last September is making headway in certain areas, but still remains unable to achieve its ground-breaking impact, as some consumers have not quite understood what the entity really does.

David Falconer

A credit bureau is an organization that collects credit information from lenders and other sources on a consumer, analyses and uses it to create comprehensive credit reports and other value added services. The information is then supplied to banks and other institutions for specified reasons, but with the written permission from the consumer.
Though hindered by misconceptions of the bureau being a lending institution, Manager of Sales and Business Development, David Falconer, has informed that the company will remain resolute in its aim to educate consumers.
Since receiving its licence to operate in August 2013, the Credit Bureau continues to make significant strides with the signing of all commercial banks and the majority of utility companies as credit information providers. But as more organizations recognize the value and relevance of the powerful tools that the credit bureau has available, it is believed that their efforts at communicating the benefits of the credit bureau would become easier.
Falconer explained that while the bureau continues to add more relevant credit data to its database, which he believes would be appreciated by subscribers, there are still a few challenges. The most significant being the level of public knowledge, and perception of what the credit bureau is set up to do. The Manager said that the concept of information sharing, whether for positive benefits or not, is so new to the society that many people have yet to wrap their minds around it.
“Then there is the large percentage of persons who still seem to think that we are here to lend them money, or to extend credit in some way. We recognize this, as also we recognize that in time all Guyanese will get to a point of clarity on all the issues. Therefore we have committed substantial resources to facilitating outreaches to stakeholders in all sectors, in an effort to further their understanding of this all-important subject that is a milestone in our history and development as a nation.”
Furthermore, Judy Semple-Joseph, Chief Executive Officer (CEO) of Credit Info said that the company has been growing. She noted that just recently the bureau trained all of the frontline staff in the financial and banking sectors so that public and stakeholder inquiries can be addressed with maximum efficiency.
The CEO expressed that more training seminars will be conducted in the coming months so as to fully equip users and stakeholders with the necessary knowledge to use the many credit reporting modules and tools that the credit bureau offers.
Committed to continuously refining its programme, the Credit bureau recently incorporated into its system –The International Business Report, called “SeeRisk.”
This report, Falconer explained, targets the business community in particular, but is also useful to anyone who conducts business transactions with foreign companies and persons outside of Guyana.
“Essentially it provides details such as contact information, company registration, Company offices and directors, three years of financial statements, records of bankruptcies, winding up orders, bad debts, and much more. The intention is to equip the user with information that would drive a decision for credit or some business transaction. We recognize that the internet can represent many companies as good, solid entities when in fact they may not be or may not even exist. Now it is possible to look, before you leap – in a manner of speaking.”
He added too that a credit reporting service is available to individuals who have resided, or do reside outside of Guyana.
In addition to this, many other new and innovative reporting modules of a similar kind will be introduced into the market in short order.
Falconer said that the bureau will continue to remain steadfast in its efforts to bring Guyana up to par with the developed world in the one area where it matters the most—the financial sector. This, he says will also aid in the development of Guyana’s economy.