Financial history was created on January 21st, 2015 when the Institute of Private Enterprise Development Ltd (IPED) became the first lending institution in Guyana to use credit data on a prospective borrower to support its risk management mechanisms and to aid the decision making process for credit applications.The first credit report was pulled from the Creditinfo Guyana online system.According to the entity, during the process,cheap jerseys, one lucky person was selected from a list of applicants who requested a credit check using Creditinfo’s Clearance Report. This report will now form the basis of that client’s pending approval of the facility.Ramesh Persaud, Chief Executive Officer (CEO) of the Micro Finance Institution, indicated his delight at the commencement of credit bureau services in Guyana stating “This is a positive move and is very encouraging. Being able to access these [credit] reports will greatly improve the prospective customer’s chance of receiving credit, as good credit ratings will now become an asset to borrowers.”Officials of IPED and Creditinfo are pleased with the developmentCreditinfo Guyana‘s CEO, Judy Semple-Joseph, in return expressed appreciation for IPED‘s commitment to the credit bureau advancement process in Guyana by being the first to upload data and also the first entity to access a credit report.Semple-Joseph advised: “Credit reporting and risk management tools for use in the evaluation of prospective borrowers have been on the wish list of lenders and providers of credit in the financial sector of Guyana for some time now.”She said that Creditinfo Guyana Inc., Guyana‘s first credit bureau, is pleased to be able to provide a much needed boost to the credit environment.“Having only officially launched on September 27th, 2013, this is indeed a momentous occasion for the credit bureau in Guyana in serving the needs of the market. It is our hope that other subscribers follow suit and adopt the use of credit reports in their decision making within the shortest time frame so as to make credit more easily accessible to consumers and businesses.”The event was also attended by Ramesh Persaud, CEO of the Institute of Private Enterprise Development Ltd.; David Falconer, Sales and Business Development Manager of Creditinfo Guyana, and Chetnauth Persaud, Credit Officer of IPED.Creditinfo Guyana Inc. is the second regional presence of the Creditinfo group of companies, an Icelandic conglomerate with credit bureaus and subsidiaries in over 16 countries worldwide.Creditinfo Guyana currently serves every commercial bank and lender licenced under the Financial Institutions Act in the country, as well as a wide cross section of other stakeholders in various sectors. The company is actively engaged in bringing together lenders and providers of credit from all sectors to add transparency, efficiency and effectiveness to the business of credit across the board.Internationally, Creditinfo is regarded as a leading service provider for credit information and risk management solutions worldwide, and has developed numerous products and services from official and customer information sources to facilitate best practice decision-making in credit risk management.Creditinfo’s comprehensive line of credit reports will be in widespread use throughout the credit and lending sectors of Guyana, and are expected to significantly increase access to credit, reduce interest rates, help to lower the overall costs of borrowing and significantly reduce processing times for loans to the Small and Medium Enterprise Sector as well as for all Guyanese.The use of financial history data to assess a person’s creditworthiness is especially prevalent in North America and European countries. How one pays bills, mortgages and credit cards are among some of the information used to determine the applicant’s credibility.
