During the launch event held on October 3 in Amman, CRIF presented its all-round experience in the development of the credit bureau project and highlighted the positive impact of a centralized information system on the local credit market. CRIF experts and board members joined a line-up of important speakers, and were praised for the realization of such a complex and long-awaited project.
The event marked the fact that the credit bureau platform system developed by CRIF Jordan is now open to enquiries from eligible Jordan lending institutions, banks, microfinance organizations, to see the credit histories and obtain a predictive score for their clients. Currently 75% of Jordanian banks are members of the credit bureau, and data already contributed to the bureau covers 94% of subjects and active contracts.
The centralization of credit information, and the integration of all data on the reliability of a credit applicant into a single report, will speed up the lending processes and facilitate access to credit for more businesses and consumers by improving lending processes and promoting responsible decision-making.
Considering the economic and financial system in Jordan, the local credit bureau will help banks move from a more traditional approach, where credit is mainly granted through collateral, to a more advanced and automated model based on credit references. As a result, lenders will be able to deliver financial services at significantly reduced costs and expand credit to wider segments of the economy.
“We made it happen! The credit bureau will play a pivotal role in supporting economic growth and the promotion of a more mature credit culture in Jordan. As CRIF has already experienced in other countries, the evolution of the financial sector depends heavily on the availability of effective information systems which streamline credit risk management and consequently support the financial needs of businesses and consumers,” said Ahmad Amoudi, General Manager at CRIF Jordan.
