The goal of CRIF NM-CAL is to offer global expertise combined with a local approach to address the specific needs of lenders and borrowers, in full compliance with Jamaican regulations. This will have the impact of successfully boosting the economy, as has happened in many countries worldwide.
On the one hand, the availability of a full credit history will give Jamaican consumers and companies easier access to credit, allowing them to obtain more favorable conditions. On the other, banks and financial institutions will be more confident in their management of the financial exposure of borrowers and will be able to avoid taking on excessive risk. Moreover, the credit bureau will help prevent the risk of over indebtedness, protecting both borrowers and lenders. The resulting knock on effect on the market, will positively impact the whole local economy.
CRIF NM-CAL has been set up as part of a wider expansion strategy by CRIF to provide retail lending solutions and maintain its position as a global leader in the provision, management and operation of credit bureaus around the world. CRIF currently manages consumer credit bureaus in Italy, the Czech Republic, the Slovak Republic, and Hungary, as well as providing technological solutions for credit bureaus in Vietnam, Russia, Morocco (to the central bank) and Bangladesh, plus development of a new credit bureau in Benin.
“CRIF’s experience in both starting up, operating and managing credit bureaus in different countries will be invaluable in providing the Jamaican market with a tested, functional, first class, scalable and modular credit bureau, localized for the specific needs of the Jamaican market and regulatory framework”, explained Enrico Lodi, General Manager of Credit Bureau Services at CRIF and Vice President of ACCIS (the European Association of Consumer Credit Information Suppliers).
ILLUMINAT (Jamaica) Limited CEO Norris Taylor stated that “Neal and Massy’s on the ground experience and relationships with the financial and other sectors will compliment our partner’s knowledge and experience gained through similar projects in emerging economies. This will combine to bring to our home territories a bureau offering world class services, managed by local and international resources and backed by a technology platform that is locally managed and supported”.
In addition to the experience in designing and operating credit bureaus, CRIF NM-CAL will also benefit from CRIF’s global leadership in the provision of 360° solutions for banks and financial institutions, based on value added services that can work alongside a credit bureau to provide a full suite of solutions, or independently as stand-alone products, solutions and services.
From day one, CRIF NM-CAL will start collecting data that will be useful for providing the local market with unique value added and related services, such as credit bureau scoring models and application processing systems. The credit bureau scoring models to be employed are powerful predictive tools which will enhance credit underwriting and customer portfolio management. Proven analytical expertise will also be applied to provide application processing systems which will automate the credit process and give banks a real-time comprehensive assessment of credit applications submitted by consumers and businesses. These decision support systems are based on cutting edge technology and will assure financial institutions significant benefits in terms of efficiency, flexibility, control of credit policies and cost cutting.
Solutions offered will therefore not only serve current needs, but will be implemented with an eye towards growth many years in the future.
CRIF NM-CAL is a positive and negative credit bureau: The role of a positive and negative credit bureau (also known as credit reporting system or positive central credit register) in the credit application process is to make the relationship between the financial institution and the credit applicant transparent. In other words, the role of the credit bureau is to completely and impartially facilitate the fair allocation of credit. The information collected relates to credit lines requested for the purchase of goods or real estate, for professional activities or for personal reasons, and granted to individuals or businesses by banks and financial institutions. Such information is accessible under two subject categories: the lender (participant) and borrower (data subject).
As for the individuals assessed, the information contained in the credit bureau represents an indispensable record of borrowing: the credit history of each private individual, i.e. documentation on credit lines that have been obtained from and repaid to one or more lending institution, is an important "reference" that can be used when making new credit applications or negotiating better terms. Without this kind of reference, the only way that a bank or financial institution can protect itself against credit risk when issuing a credit line is through a mortgage on a house, a lien on an asset, or a third-party guarantee. Instead, thanks to the credit bureau, banks or financial institutions are able to grant credit without necessarily requiring guarantees but simply based on the credit history of the borrower (credit reputation).
The availability of a credit history also allows individuals to qualify for and obtain credit from credit institutions more quickly and easily, and with more favorable conditions.
About Neal & Massy
The Neal & Massy Group of Companies is a world-class corporation operating in the majority of the English-speaking countries of the Caribbean.
Neal & Massy operates across a wide spectrum of industries, offers a range of quality products and services and represents several international brands. The group has a long established reputation, for integrity and fair play in business dealings, built over an 80-year history. Neal and Massy’s ICT presence in Jamaica is through ILLUMINAT, an IT solutions provider to a number of banks, financial institutions and major corporations in Jamaica and throughout the Caribbean.
