CRIF IndonesiaCRIF announced that it has obtained an operational license from OJK (Otoritas Jasa Keuangan), the Financial Services Authority of Indonesia, to establish a full-fledged credit bureau in the country.

After obtaining the in-principle license, CRIF is now conducting delivery and implementation of the new credit bureau solution and one of the preparatory activities for the operational license application. The new credit bureau is expected to become fully operational by the end of this year.

The liberalization of the credit market and the publication of PBI 15/2013 issued by the Indonesian central bank (Bank of Indonesia) radically changed the scenario for credit bureau providers. The new regulation aims to promote the existence of private credit bureau operators in order to ensure higher service quality, a wider range of risk assessment tools available to local financial organizations, and broader financial inclusion to more segments of society.

By leveraging its proven track record in the design and development of credit information systems worldwide, CRIF applied for a license to establish a world-class credit bureau in Indonesia that will gather positive and negative credit information on individuals and businesses from eligible lending institutions, banks, insurance companies, telcos, and service providers.

The CRIF credit bureau, compliant with international quality standards and the local legal framework, will manage credit information sent by Indonesian organizations through an advanced technology platform, which will integrate and consolidate all data on the reliability of a credit applicant into a single report.

Using its globally recognized experience in providing 360° lending solutions, CRIF will also be able to develop a customized credit bureau score, offering significant advantages to the assessment of customer creditworthiness, reliability and level of indebtedness. In detail, 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. These decision-making solutions, including portfolio monitoring, anti-fraud and predictive analytics tools, are based on cutting edge technology that will guarantee financial institutions significant benefits in terms of efficiency, flexibility, control of credit policies and cost cutting.

Lamberto Barbieri, Asia Managing Director at CRIF, said, “After successfully developing the credit card information system for AKKI (Indonesian Credit Card Association), CRIF is very happy to work on a new project which reflects our interest and commitment in the Asian Pacific region. Our successful experience in operating and managing credit bureaus in several countries worldwide makes us confident that significant advantages will also be provided to Indonesia’s credit market to support the financial needs of businesses and consumers.”

Source:  CRIF Press Release