CREDITINFO Credit Reports Sped Up The Lending Process – Semple-Joseph

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CREDITINFO Guyana Managing Director (CEO) Judy Semple-Joseph told Stabroek Business that the Credit Bureau’s ability to provide local business institutions with critical and reliable data on their potential customers has been a key factor in persuading banks and other commercial institutions to “opt in” to the services it provides.

Speaking to this newspaper earlier this week, Semple-Joseph spoke of the journey towards full acceptance of CREDITINFO since its launch here in 2013, saying that since then the organization has positioned itself to offer additional resources to use of data to facilitate the business community.

She said that after taking some time to gain acceptance as a provider of credit information for banks and other local credit institutions, CREDITINFO Guyana has more than proven its value as a support tool. important for borrowers and credit institutions. Pointing out that what she said had become a much faster borrowing / lending regime in Guyana, Semple-Joseph said banks and other lending institutions are now offering “more loans and more loan approvals on the go. same day ”, an evolution she attributed to“ the immediate availability of credit reports ”via CREDITINFO.

“Courts, for example, now offer virtually instant loans to clients while commercial banks also provide same-day approvals,” Joseph said, adding that the improved borrowing / lending regime was a result of the qualitative improvement in the global environment resulting from the capacity of CREDITINFO Guyane to provide “simple and reliable information” which can considerably accelerate loan decisions. “We know, based on what we find, that banks and other credit institutions benefit from the services provided by CREDITINFO, thanks to the availability of credit reports. We now have a much higher level of lending, more same day loans and more immediate loans, ”Semple-Joseph told Stabroek Business.

CREDITINFO, says Semple-Joseph, has come a long way from its initial, sometimes intense, efforts to encourage local commercial banks to sign up for its services, to the point where it states that “all of our local commercial banks are now using the service. We see this as a huge achievement and a recognition by a significant portion of the business community of the importance of data-driven decision making.

And according to Semple-Joseph CREDITINFO, Guyana itself was looking for ways to expand its services to keep abreast of the various transformations in the business sector. She alluded to the surge in license applications from money lenders, pointing out that this development is likely to open up additional demand for credit reports. Semple-Joseph however stressed that in the process of its development, CREDITINFO would be concerned about the importance of continuing to operate within the limits of the laws and regulations governing its operations in Guyana. “This is a circumstance to which we remain particularly attentive,” she said.

Going forward, Semple-Joseph told Stabroek Business that the entity is currently considering an approach with local commercial creditors to determine the link between their needs and the services offered by CREDITINFO. “We are also looking at a possible approach with landlords who rent houses and other premises to give them the opportunity to measure their credit risk. All of this with the aim of reducing credit risk, ”Semple-Joseph told Stabroek Business.

Meanwhile, the local manager of CREDITINFO told Stabroek Business that the entity “now goes beyond credit reporting since we have the tools that can help companies move their operations forward in other ways. We believe that while it will require a change in mindset, companies will better understand the importance of making strategic decisions based on information provided by accurate and reliable data. This is one of the important avenues that we intend to explore.

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