CIBC First Caribbean collaborates with credit bureaus

CIBC FirstCaribbean International Bank (CIBCFCIB) has finalised agreements with two of the country's credit bureaus for the mutual exchange of credit-related information.

The signing of the agreements took place at the bank's New Kingston headquarters, where managing director of CIBCFCIB's Jamaican operation, Nigel Holness, sealed the deal with CRIF NM's CEO Terrence Cooper on October 7, then on October 16 with Craig Stephen, CEO of Creditinfo.

CIBCFCIB will have access to a full suite of services from the credit bureaus, including identity verification, TRN validation and the pulling of credit reports to be used in the adjudication of loan applications to mitigate risk; reciprocally it will furnish credit bureaus with the same information. "...The accessibility of reliable, confidential credit information can speed up processing and save valuable time and money for the customers and in many instances help them to benefit from preferential
arrangements,"
Holness is quoted in a press release, highlighting the value of credit reports to the loan approval process.

However, the managing director underscored the privacy and confidentiality of customers' information as paramount, and stressed the need for "a most rigorous screening process to ensure the security of our customers' information for use in the risk management process of credit-providing agencies" before signing with Creditinfo and CRIF NM. Creditinfo' s Craig Stephen noted that his company now has full 'compliance' with commercial banks in Jamaica. "Creditinfo has now signed 100 per cent of players in the commercial banking sector — this is a major milestone for us," he said. "...

The addition of data from an institution as large as CIBC FirstCaribbean International Bank, which covers thousands of customers across Jamaica, enhances the probability of an individual's data being available for the delivery of an up-to-date credit report," said Terrence Cooper of CRIF-NM, welcoming the new arrangement.

Credit:Josimar Scott, Jamaica Observer