CRIF NM Is Establishing A Full Fledged Credit Bureau In Jamaica

CRIF NM, a joint venture between CRIF and Massy, has obtained a license from the Bank of Jamaica and the Ministry of Finance, to establish an entirely private and voluntary credit bureau in Jamaica. In line with the local regulatory framework, the credit bureau developed by CRIF NM will gather positive and negative credit information on individuals and businesses from eligible Jamaican lending institutions, such as banking and non-banking financial institutions, retailers, and credit unions.

CRIF NM, a joint venture between CRIF and Massy, has obtained a license from the Bank of Jamaica and the Ministry of Finance, to establish an entirely private and voluntary credit bureau in Jamaica. Moreover, the Bank of Jamaica has officially approved the CRIF NM information memorandum and consent clauses required for the processing of personal data in credit bureaus. In line with the local regulatory framework, the credit bureau developed by CRIF NM will gather positive and negative credit information on individuals and businesses from eligible Jamaican lending institutions, such as banking and non-banking financial institutions, retailers, and credit unions.

Specifically, lenders will be able to access comprehensive, high-quality and monthly updated credit reports on applicants, and consequently they will be able to segment their client portfolio through a risk based pricing approach. This will help financial institutions carry out accurate assessments and prevent over-indebtedness of the applicants and insolvency risk, to the benefit of both borrowers and lenders.

“CRIF is proud to be implementing the Jamaican credit bureau based on positive and negative information”, explained Carlo Gherardi, CEO of CRIF. “CRIF’s experience in both starting up, operating and managing bureaus in different countries is invaluable in ensuring that the Jamaican market will receive a tested, functional, first class, scalable and modular credit bureau, localized for the specific needs of the local context. Success in delivering similar solutions in Europe and credit bureau services for banks and financial institutions in Asia and Africa, will give Jamaican lenders and borrowers easier access to credit and with more favorable conditions. At the same time, Jamaican banks and financial institutions will be more confident in their management of the financial exposure of consumers and can avoid excessive risk assumption\".

CRIF developed and manages the first positive and negative credit bureau in Italy, as well as the positive and negative banking and non-banking credit bureaus in both the Czech Republic and Slovak Republic. Moreover, it has been involved in the development of credit bureaus in Russia, Hungary, Morocco, Benin, Vietnam and Bangladesh.

The development of the Jamaican credit bureau will be an opportunity for CRIF NM to demonstrate its proven experience in the realization of advanced technological platforms and in the management and centralization of credit information.

Moreover, CRIF NM will provide full support and consultancy throughout all the project phases:

• to consumers, by informing and educating them on how the credit bureau works and is used by banks and financial institutions, as well as outlining the benefits of having easier access to credit.
• to banks and financial institutions, by enabling data integration in accordance with legal requirements, and matching credit risk assessment variables with their internal policies.

CRIF NM will also offer additional tools in Jamaica such as the credit bureau score to maximize the value of credit reports, application processing systems, analytics and decision support solutions enabling credit institutions to efficiently manage credit applications submitted by individuals and businesses, as well as in every phase of client relations from strategic planning to the final acquisition and management of the customer portfolio.

“CRIF NM aims to become a long-term partner for credit risk management in Jamaica and the Caribbean by benefiting from the experience, know-how, and support of both CRIF and Massy. CRIF provides the technology platform, international industry know-how, and value-added products, while Massy offers the IT infrastructure, local industry knowledge and long-term experience of business involvement in the Caribbean”, said Stefano Stoppani, Chairman of CRIF NM.