CRIF NM, a joint venture between CRIF and Neal & 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.
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.
About CRIF NM
CRIF NM Credit Assure Limited is a joint venture between CRIF and Neal & Massy, established with the objective of providing a world class credit bureau and related value-added services to Jamaica and other countries in the Caribbean.
Source: CRIF Press Release