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Consumers should keep abreast of their credit scores- CEO Creditinfo
Chief Executive Officer of Creditinfo (Guyana) Incorporated, Judy Semple-Joseph, during a lecture of the Guyana Press Association at Moray House,
CEO Judy Semple-Joseph
Georgetown said, that citizens should keep updated with their credit score which in turn will help them to make better informed financial decisions.
Creditinfo was created to collect, store and organise credit information about consumers and businesses. Information is sourced and collected from lenders such as banks, credit unions and microfinance organisations; as well as providers of alternative types of credit such as hire purchase companies, telecommunication companies and utility companies.
Although the credit bureau was established in 2013 and operates under the Credit Report Act of 2010 and the Credit Reporting (Amendment) Act of 2016, a lot of persons are still not aware of this agency that can aid their financial decisions.
CEO Judy Semple-Joseph reminded that through Creditinfo all lending agencies can share credit data. However, she said, “A lender cannot pull your credit report without your consent and this is the one key thing we want to assure persons of. Your information is in the database, but we would not know you unless you present your I.D and give the lender permission to pull your credit report.”
Semple-Joseph also noted that persons can come and get their own credit report. “Credit info is a fact that we need to pay attention to as the world is evolving.”
Moreover, Semple-Joseph noted that it is commendable in the manner they were able to gather information to be able to provide lenders with, while also allowing better decision making for consumers.
According to the CEO, some advantages of knowing your credit score, are having faster and broader access to credit. It prevents over indebtedness and encourages responsible borrowing and brings stability to the financial sector.
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