Individuals are being encouraged to take note of the Credit Bureau’s ‘Know Before You Go Campaign’ as Creditinfo observes its fourth year as Guyana’s first credit bureau. Having been granted the license to operate by the Bank of Guyana on July 15, 2013, Creditinfo, is now focused on ensuring that its data subjects – individuals and businesses – are fully aware of how the credit bureau influences their ability to access credit.
Judy Semple – Joseph. Chief Executive Officer of Creditinfo Guyana
The Credit Reporting Act, under which the bureau operates, makes provision for consumers to be able to review their personal credit report in order to be able to understand and assess their own credit profile. The highly confidential report is strictly for the benefit of the consumer and creates an opportunity for consumers to check their own credit profile and credit score free of charge before venturing to a lender for credit. It is not used for the assessment of credit applications. It, in essence, allows prospective borrowers to fix potential problems ahead of the actual application and significantly increase their chances of approval.
Following the amendment of the credit reporting legislation in 2016, an event hailed as the single most transformative aspect of the credit bureau’s operations to date, we have witnessed a substantial increase in the utilization of credit reports for assessing loan applications among all lenders that have subscribed to the credit bureau. More individuals are also seeking to ascertain their credit status by requesting their free credit report.
This development of a credit bureau in Guyana has now created an enabling environment in which larger numbers of persons can access much needed credit much easier and within a shorter processing time. Also, with the credit bureau credit decisions are easier facilitated.
As one of the newest subsidiaries of the global Creditinfo Group of Companies, Creditinfo Guyana has been forging ahead with its mandate to provide the full range of credit reporting services to the local market.
Responsible access to credit and service quality at this level is meant to support the development of a more robust financial sector, to create countless opportunities for the expansion of business and in general, better serve the possibility of better lives for all
Guyanese.