CRIF and the credit unions
NATIONAL CREDIT Union Week will be celebrated this year under the theme ‘Inspiring Hope for a Global Community’. This theme highlights how credit unions continue to provide hope to their members throughout the COVID-19 pandemic by offering a high level of service, education and support.
CRIF Information Bureau Jamaica is a global company whose mission is to create value by supporting
businesses to perform more efficiently and aiding consumers in managing their credit health with a comprehensive range of professional skills and solutions.
The Credit Reporting Act was passed in 2010, with the Bank of Jamaica being the designated supervising authority. CRIF received its licence in 2012 from the Ministry of Finance to operate a full-file (positive & negative data) credit bureau in Jamaica.
Since 2012, a number of credit unions have signed on to CRIF and have incorporated credit reports as an integral part of their loan process.
Tracy-Ann Henry-Williams, chief credit and arrears officer at C&WJ Co-operative Credit Union (C&WJCCU), stated that the credit union benefited immensely from the advent of the credit bureau in Jamaica. “CRIF has proven to be crucial to the healthy development of the lending infrastructure and is a critical link to bridging the informal and formal sections of the credit union’s membership.” As a result, C&WJCCU has seen:
• Improved portfolio management and reduced credit risk, because more complete and detailed information i mproves the decision-making of the credit union’s lending authority.
• There has been a reduction in transaction cost and significant improvement in efficiency of the lending process.
• There has been evidence of an improved culture of repayment among borrowers, which has reduced the risk of
Since 2012, a number of credit unions have signed on to CRIF and have incorporated credit reports as an integral part of their loan process.
default.
• It has enhanced cooperation, coordination and sharing of information among CIPs, which helps to create a more inclusive and streamlined financial sector, resulting in improved access to credit.
Andre Johnson, credit risk officer at the First Heritage Co-operative Credit Union (FHC), has confirmed that the relationship with CRIF has strengthened their ability to book strong loan business and even collect debts that are past due. The FHC is looking to deepen the relationship even further, with a view to even stronger growth.
CRIF is committed to digital financial inclusion. We work responsibly to offer innovative solutions to support our customers to enhance access to credit in compliance, granting digital access and use of financial services by excluded and underserved people.
CRIF also offers identity and verification services that comprise a valuable tool set for businesses across all industries that need consumer identity and screening capabilities. It helps companies meet their know your customer requirements by verifying and properly assessing your business partners by cross checking public records – driver’s licence, Taxpayer Registration Number and the elector registration card.