…as CreditInfo Guyana hits 2-year markTwo years after its establishment, the operations of Guyana’s first and only credit bureau, CreditInfo Guyana (CIG), can be deemed a success.However, despite the success, CIG’s main challenge remains the lack of widespread understanding and adoption of the credit bureau by both the business and consumer sectors.These statements were made by Chief Executive Officer (CEO) of CIG Judy Semple-Johnson.On August 30, 2013, CIG was granted a license by the Bank of Guyana to commence its operations. A credit bureau collects information on a borrower’s obligations from various sources and produces a comprehensive credit report which is in turn used by potential creditors.Since its establishment, the body has accomplished a lot, Semple-Johnson said. However, she added,Cheap NFL Jerseys, things have not been easy.According to her, there are still areas that need to be tackled, including the important consideration of the role of the credit bureau in national economic development and in creating a modern economy, particularly in light of a new government.“During the month of January 2015 the first credit report was issued. Within the last three months, in excess of 10,000 inquiries have been made,” she said. She explained that these inquiries came mainly from commercial banks and trade creditors in an effort to improve the effectiveness of their credit decisions.CEO of CreditInfo Guyana, Judy Semple-Johnson“In these circumstances it is important for the borrowing public to understand that banks are now utilizing the credit bureau services to complement their credit decision-making process with information from within the credit bureau database. The result is more efficient and better informed credit decisions,Wholesale NFL Jerseys,” she stressed.She highlighted other problem areas which had arisen over the years. “Over the period many opinions have been expressed as to the relevance of such an entity to a small, cash-based economy as ours,” Semple-Johnson said.She continued, “Fears of the confidentiality of information, which banks are involved,? the sufficiency of data in the credit bureau database, how soon credit reports will be available are only a few of the questions CreditInfo has had to address over the period.”Additionally, she said, some areas needed to be “fully expounded and understood” such as the concept of irregular information and its impact on business decisions; the ability to access financing; and helping those who are off the mainstream economy to gain access to resources that are otherwise unavailable to them.“Going forward, CreditInfo Guyana would need to embark on a national sensitisation campaign highlighting international best practices in credit bureau implementation and drawing, particularly on the success of its sister companies in the global arena,Cheap Air Max,” she said.“Public awareness of the concepts of creditworthiness and the importance of credit history towards greater access to financing from the formal system is therefore critical to the rate of development of the financial sector through the credit bureau.”She added that there is perhaps the need for a better understanding of the benefits of a credit bureau.BenefitsSemple-Johnson emphasised the benefits of a full service credit bureau, including efficiency and quick access to information.“A full service credit bureau such as CreditInfo Guyana contributes not only improved risk assessment based on the availability of data from a wide cross-section of sources, but also provides improved efficiency in the credit granting process since this information is available to subscribers in a matter of seconds,” she said.She continued, “It is also important to note, especially for those who operate in the small and medium enterprise sector,Wholesale Authentic Jerseys, that before any bank or credit grantor can advance credit to an individual or business it must first have an idea of the risk associated with granting credit to that customer.This helps the institution to determine whether or not to grant the customer credit and on what terms to do so.? It means, therefore,Wholesale NFL China Jerseys, that customers with a good credit history can now have access to financing on more favourable terms.”She further explained that without a credit bureau the process of assessing a customer’s risk is difficult since the institution would simply have to base its decision to lend credit mostly on its relationship with the customer rather than a broad range of sources.Additionally, the institution would have to wait longer periods of time before granting credit.The businesses are not the only beneficiaries, however; Semple-Johnson said that the r