Five years after launching operations... CREDITINFO continues to provide financial risk management services to consumers, loan agencies

Five years after launching operations… CREDITINFO continues to provide financial risk management services to consumers, loan agencies

Jul 24, 2018 News

CREDITINFO CEO, Judy Semple-Joseph

Five years after it started operating here, CREDITINFO, has established itself as a leading service provider for credit information and financial risk management in Guyana.
According to the Chief Executive Officer, (CEO) of the company, Judy Semple- Joseph, CREDITINFO forms a vital part of a network of key financial institutions, providing them with information on potential borrowers and clients, with the click of a button.
Ms. Semple-Joseph explained that over the period of five years, the company was able to build a clientele with major lending agencies in Guyana including commercial banks, utilities, insurance and other companies.
Through a database, CREDITINFO is able to access the financial information of hundreds of consumers and potential borrowers.
Semple -Joseph noted that many institutions are taking advantage of CREDITINFO’s vast database before approving loans and other forms of credit to borrowers.
On the other hand, she noted that any member of the public can have the agency run a credit check on them before they approach any of these agencies for financing.
The CEO said that it was not all smooth sailing for CREDITINFO.
“Initially when we started five years ago, there was this caution and negative connotation that CREDITINFO was here to hand out people‘s financial information.
However, over the years, with the advancement of our products and services along a more positive line of encouraging credit risk management, lenders are seeing the benefits.”
She said that the company is moving to help more individuals understand the role of the credit bureau and how it can be beneficial to them.
“Our focus has now shifted a bit from the lenders to the borrowing populace to ensure that they are fully aware of the services available to them.”
Ms. Semple-Joseph said that the company has embarked on a sensitisation campaign aimed at educating the public of the benefits of financial risk management.

“You may, or may not be aware that a number of companies in Guyana, including every Commercial bank, Microfinance companies, all utilities, insurance, Credit Unions, Courts Guyana, trade creditors in the commercial sector and many others, are taking advantage of CREDITINFO’s vast database to help drive credit decisions before approving loans and other forms of credit to borrowers.”
“It is better to know before trying to access credit. If you are planning to apply for a mortgage or relatively large loan and you have other small outstanding debts, you can pay these off, wipe that slate and then approach the bank with vastly reduced payment obligations and better credit options,” Semple-Joseph said.
“Similar to more developed countries, borrowers are now able to request their personal credit report from CREDITINFO, so as to be more aware of their chances of approval before approaching a lender. They are also able to use this access to monitor and control their personal credit situation.
In the case of Courts Guyana, for example, existing customers can now get access credit in one hour because of Courts’ ability to tap into our database and quickly assess a customer.”
“Commercial banks can issue loans in one day rather than weeks or months as was the case in the recent past. Before they had to assess you, study your documents, pay slips and make a decision on personal information that you had verbally communicated to them during interviews. We wish to emphasize that members of the public can come to us for their own credit check,” she added.
She highlighted further that “by law in Guyana, it is mandatory for all lenders in the financial sector to first acquire a credit report before a loan application can be processed and further; comprehensive data on all borrowers in Guyana are now being routinely and regularly uploaded to our database for use in creating these credit reports.
CreditInfo, headquartered in Iceland, employs hundreds of people around the world and is present in the Caribbean Community by way of Guyana and Jamaica.
Guyana entered the Group in 2012 with the objective of providing services that automate the capture and decision making capabilities of new applications for credit, making it easier for credit providers to process new customers and expand their portfolio in line with individual goals and objectives.

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