CIBC signs up to global credit bureau

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

CIBC FirstCaribbean is now a member of the CRIF credit bureau in The Bahamas, a move it says will mean more accurate credit assessment.

CRIF Information Services Bahamas (the Credit Bureau) was licensed in 2019 and started operations a year later. It is supervised by the Bahamas Central Bank and is an affiliate of CRIF, a global company specialising in credit bureau and business information, outsourcing and processing services, and credit solutions, operating in Europe, America, Africa and Asia.

Jacqui Bend, managing director of CIBC FirstCaribbean said: “CIBC FirstCaribbean is delighted to be a part of the credit bureau as this will undoubtedly be a key enabler to support our lending infrastructure. It will facilitate a more overall accurate credit assessment of customers ultimately leading to a more balanced access to credit.”

Membership in the credit bureau will also reduce the need for guarantees or pledges, while lowering the chances of over-indebtedness. It will also allow the bank to shape credit offerings uniquely to the borrower’s situation, she said.

While stressing credit information is protected by law and will be held in the strictest confidence, Ms Bend noted a credit report was extremely important in ensuring “a complete, accurate and certified view of your debt situation and can even lead to access to even more credit than would have been available in the absence of a report”.

Ms Bend said the credit history of a borrower was integral to enabling the bank and other lenders to truly know the customer and so offer them the financial solution that best suits their overall situation and ensures that customers do not over-extend themselves by obtaining credit that they cannot afford.

Comments

bahamianson says...

At what cost to the consumer? Cant trust you banks, always charging us for something.

Posted 9 May 2022, 12:31 p.m. Suggest removal

tribanon says...

Huge mistake by CIBC FirstCaribbean and any other Bahamas based financial instution that signs on to the Bahamian subsidiary of this privately owned and foreign (Italian) controlled credit bureau that makes its money by aggressively selling private info both locally and abroad. I will be moving all of my credit facilities obtained from CIBC FirstCaribbean to another Bahamian bank that does not use the CRIF credit bureau.

Posted 9 May 2022, 1:17 p.m. Suggest removal

KapunkleUp says...

What a bunch of nonsense. What Bahamian has credit histories with Experian, Equifax, Trans Union, etc... This is as useless as political promises.

Posted 9 May 2022, 3:46 p.m. Suggest removal

Flowing says...

I do

Posted 9 May 2022, 5:07 p.m. Suggest removal

tribanon says...

You must be one of those 'special' Bahamians born in the U.S. Hope you've been filing a U.S. Federal income tax return annually and paying all taxes owed to Uncle Sam on your worldwide income. LOL

Posted 10 May 2022, 6:48 p.m. Suggest removal

Log in to comment