Credit Reports will help people secure Loans – CreditInfo Guyana

Jul 24, 2016 News

It is common practice that persons will approach financial lending agencies to secure

CEO of CreditInfo Guyana, Judy Semple-Joseph

loans in order to fund projects, investments or to purchase assets. According to CreditInfo Guyana, a credit profile will improve the approval potential of persons who wish to access a loan from a lending agency.
A credit score is a statistically derived number which tells a lending agency or bank how capable a person is at repaying a loan. According to the company the development of a credit bureau in Guyana has created an enabling environment in which persons can access much easier credit within a shorter processing time.
In a statement issued by the firm, Guyana Telephone and Telegraph Company (GTT), The Guyana Power and Light Company (GPL) and the Guyana Water Inc (GWI) have become subscribers which play a role in providing information on utility payments.
The company said that the use of such information 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 with the banks.
CreditInfo Guyana is also able to leverage its proprietary data access to create opportunities for consumers to check their own credit profile and credit score free of charge before approaching a lender for credit. The company said that this will allow prospective borrowers to fix potential problems ahead of the actual application and increase the borrower’s chances at approval.
CreditInfo Guyana has been in operation for three years now and to celebrate its milestone, it has planned a series of activities. The entity will be hosting its first ever Open Day on Wednesday at its New Market Street, Georgetown Office.
The event which is open to the public will feature presentations on the importance of responsible credit practices, understanding a credit report and how to repair bad credit to the public.
At the event it will offer free credit reports to persons and answer questions from visitors between the hours of 10:00 to 16:00 hours.
At the July 15, 2016 anniversary celebration of the company, Chief Executive Officer of CreditInfo Judy Semple-Joseph underscored that the single most transformative aspect of the bureau’s operations during its three years, was the passage in the National Assembly of the Credit Reporting (Amendment) Act No. 2 of 2016.
She said this Act will allow the expansion of the list of subscribers from financial institutions, including commercial banks and both state and non-state service entities.
According to the company it aims to expand its value-added services including Bureau Certified credit clearances for use by prospective employers and landlords. Additionally it will magnify its online ID and address verification services to be used in the business sector.