CRIF announced that it has obtained an operational license from the Bank of Jordan to establish the first credit bureau in the country. The tender was issued by the Bank of Jordan with the strong backing of the country’s banking association, lending organizations and the Government. The Bank of Jordan selected CRIF as a strategic partner thanks to its proven track record in the development of credit information systems worldwide.
The credit bureau platform system developed by CRIF will gather positive and negative credit information on individuals and businesses from eligible Jordanian lending institutions, banks, microfinance organizations, telco, and retailers. As part of the goal to establish a world-class credit bureau and support the development of the local economy, CRIF became the major shareholder, acquiring 76% of shares.
The CRIF credit bureau, compliant with international quality standards, will manage credit information sent by Jordanian organizations through an advanced technology platform, which will integrate all data on the reliability of a credit applicant into a single report. After a detailed test phase, the credit bureau will be fully operational by the end of 2015.
This increased sharing and centralization of credit information from different entities will facilitate access to credit for more businesses and consumers by improving the lending process and reducing default rates and risks of over-indebtedness, as well as promoting responsible lending practices. Despite the recognized advantages of a local credit bureau, CRIF will be able to help Jordanian Financial services & businesses effectively improve credit risk management and develop a more efficient lending market from which both lenders and borrowers will benefit.
Additionally, CRIF will also develop added-value services that will be fully integrated with the credit bureau system, providing customized credit bureau scores to streamline the customer creditworthiness assessment.
Enrico Lodi, Credit Bureau CRIF Credit Bureau General Manager said “CRIF is very happy to participate in the implementation of the first credit bureau in Jordan. This project reflects our interest in the Middles East and strengthens our presence in the region. Our successful experience in delivering similar solutions in other countries make us confident that significant advantages will also be provided to Jordan’s economic system and sustain the financial needs of businesses and consumers.”
Source: CRIF Press Release