CThe IBC First Caribbean is now a member of the CRIF credit bureau, allowing banks to coordinate lending to clients and prevent borrowers from earning credit that they can’t afford, the bank said in a statement. ..
In a statement, Dr. Jacqui Bend, Managing Director of CIBC FirstCaribbean Bahamas, said banking moves would lead to a more balanced access to credit.
“We are pleased that CIBCFirst Caribbean is part of the credit bureau, as it will undoubtedly be an important enabler to support our lending infrastructure,” said Bend.
“This facilitates a more accurate credit valuation for our customers.”
Bend said credit reports are important for banks to have a clear picture of their customers’ debt. She argued that access to credit reports could in some cases lead to access to “more credits than would have been available without the report.”
She added that credit bureau membership “reduces the need for guarantees or pledges while reducing the possibility of debt overhang.”
The credit bureau is overseen by the Central Bank of the Bahamas.
Banks have already begun to use credit information to inform lending practices.
It is also expected that the ease of business scores in the Bahamas will be improved through national credit bureaus and help promote financial inclusion.
In that statement, CIBC ensured that customers could be confident that their information would be kept confidential.
Bend emphasized the importance of using credit reports to ensure that borrowers get the best deals on their loans.
“MS. Bend said that the credit history of the borrower is essential for banks and other lenders to truly know their customers, providing the financial solution that best suits the overall situation and earning their credit. Explained that they are essential to avoid over-expanding themselves, “they can’t afford,” the CIBC statement said.
https://thenassauguardian.com/cibc-now-a-member-of-crif-credit-bureau/ CIBC is currently a member of the CRIF Credit Bureau