The Credit Information Bureau (CIB) in Bangladesh collects credit data from financial institutions to create credit reports on borrowers. These reports provide the borrowers' credit history to help financial institutions make prudent lending decisions. However, some argue CIB reports are now impeding credit market development due to unexpected side effects. As a standard global practice, credit bureaus collect payment history data from various sources to create reports that help assess credit risk, but do not rate borrowers or determine creditworthiness. The legal powers and data collection practices of credit bureaus vary by country due to differing laws and oversight.
How to upgrade bangladesh’s banking almanacM S Siddiqui
The confidence of users is a big challenge for an almanac. The authentication of information is a basic criterion of a good almanac. The authority may take initiative to upload the almanac in their web-site and make easily accessible for the end users specially the FI in other countries.
Protecting and Serving Military Credit ConsumersExperian
Explore Experian's military lending insights to learn how to serve this audience, adhering to laws such as the Military Lending Act (MLA) and the Servicemembers Civil Relief Act (SCRA). Get updated on best practices and solutions to manage every aspect of the military credit journey.
The absence of a formal consumer credit rating system in the UAE resulted in consumers having easy access to loans without any check on the repayment capacity. However, the launch of the Al Etihad Credit Bureau is expected to change the scenario by providing banks access to consumers’ credit history, thereby curbing excess lending and raising the quality of retail lending in the country.
With 2016 underway – and a constant need to stay atop the ever-changing regulatory environment – make sure you are aware of the primary topics the Consumer Financial Protection Bureau (CFPB) and financial regulators will focus on this year.
Among the hot topics, we’ll touch on rulemaking that will impact:
Data quality
Military Lending
Alternative data
Access to credit
How to upgrade bangladesh’s banking almanacM S Siddiqui
The confidence of users is a big challenge for an almanac. The authentication of information is a basic criterion of a good almanac. The authority may take initiative to upload the almanac in their web-site and make easily accessible for the end users specially the FI in other countries.
Protecting and Serving Military Credit ConsumersExperian
Explore Experian's military lending insights to learn how to serve this audience, adhering to laws such as the Military Lending Act (MLA) and the Servicemembers Civil Relief Act (SCRA). Get updated on best practices and solutions to manage every aspect of the military credit journey.
The absence of a formal consumer credit rating system in the UAE resulted in consumers having easy access to loans without any check on the repayment capacity. However, the launch of the Al Etihad Credit Bureau is expected to change the scenario by providing banks access to consumers’ credit history, thereby curbing excess lending and raising the quality of retail lending in the country.
With 2016 underway – and a constant need to stay atop the ever-changing regulatory environment – make sure you are aware of the primary topics the Consumer Financial Protection Bureau (CFPB) and financial regulators will focus on this year.
Among the hot topics, we’ll touch on rulemaking that will impact:
Data quality
Military Lending
Alternative data
Access to credit
Post-Election 2016: What's on the horizon for the financial services industry?Experian
Election season is over, and for the first time in eight years we will have a new administration in the White House. So what’s in store for the financial services space? This presentation reveals insights from experts in Washington on what to expect from regulators over the next year.
The Positive Impact of Utility Credit Reporting WebinarExperian
Learn the importance and positive impact of utility data reporting. Experian will share what alternative data encompasses, how the new trade data is added, and specifically how energy, utility, and water companies can assist in improving their customers’ credit score. We’ll also walk you through the resources and support available.
You will get an inside look at the positive impact of alternative data reporting and learn how to:
•Improve collections
•Bolster credit profiles
•Positively impact credit scores
•Effectively assist your customers
Credit Reports & Scoring is designed to help individuals understand their role and responsibilities when viewing credit reports. It will prepare Mortgage Loan Originators with the required knowledge in order to successfully analyze a borrower's credit report. You will obtain a clear understanding of the types of credit reports and how to access these reports. For more info: www.nafcu.org/genworth
Credit Scores: What's New
Tuesday, May 3, 11 a.m.-12:30 p.m. ET
This 90-minute webinar will present findings from Experian Public Education Director Rod Griffin and Dr. Barbara O'Neill. This webinar will cover the fundamentals of credit reporting and credit scoring and what you must do to get the credit you want and need.
Speakers: Dr. Barbara O'Neill and Rod Griffin
Register, join & find supporting resources: https://learn.extension.org/events/2488
Understanding Your Credit Report and ScoreSpringboard
Information about what’s on a credit report, how it gets there, how a credit score is calculated, and how to develop good financial habits. Understanding credit and knowing where you stand are vital to protecting yourself from predatory lending by unqualified or unscrupulous lenders offering costly or unstable loan products.
Must-Know Details About the Military Lending ActExperian
With enhancements made to the Military Lending Act and compliance required by October 2016, lenders must understand the changes and protections they must introduce to service the military credit consumer. This presentation reveals insights shared in an Experian-hosted webinar in August 2016.
5 steps to boost your accuracy in data reportingExperian
According to a recent Experian Data Quality study, 90% of financial institutions believe increasing regulation has driven their need for better data analytics and management. So how do you boost data accuracy - especially when it comes to reporting quality data to the bureaus? This deck reveals best practices, as well as solutions to consider when striving to improve your data reporting.
Access to finance for the informal sectorM S Siddiqui
Bangladesh may formulate policies to use these sources to in credit reporting systems. There may be even legal framework like some other some economies to allow the sharing of information from non-traditional sources and authorised CRSPs to prepare CR for MSMEs.
Post-Election 2016: What's on the horizon for the financial services industry?Experian
Election season is over, and for the first time in eight years we will have a new administration in the White House. So what’s in store for the financial services space? This presentation reveals insights from experts in Washington on what to expect from regulators over the next year.
The Positive Impact of Utility Credit Reporting WebinarExperian
Learn the importance and positive impact of utility data reporting. Experian will share what alternative data encompasses, how the new trade data is added, and specifically how energy, utility, and water companies can assist in improving their customers’ credit score. We’ll also walk you through the resources and support available.
You will get an inside look at the positive impact of alternative data reporting and learn how to:
•Improve collections
•Bolster credit profiles
•Positively impact credit scores
•Effectively assist your customers
Credit Reports & Scoring is designed to help individuals understand their role and responsibilities when viewing credit reports. It will prepare Mortgage Loan Originators with the required knowledge in order to successfully analyze a borrower's credit report. You will obtain a clear understanding of the types of credit reports and how to access these reports. For more info: www.nafcu.org/genworth
Credit Scores: What's New
Tuesday, May 3, 11 a.m.-12:30 p.m. ET
This 90-minute webinar will present findings from Experian Public Education Director Rod Griffin and Dr. Barbara O'Neill. This webinar will cover the fundamentals of credit reporting and credit scoring and what you must do to get the credit you want and need.
Speakers: Dr. Barbara O'Neill and Rod Griffin
Register, join & find supporting resources: https://learn.extension.org/events/2488
Understanding Your Credit Report and ScoreSpringboard
Information about what’s on a credit report, how it gets there, how a credit score is calculated, and how to develop good financial habits. Understanding credit and knowing where you stand are vital to protecting yourself from predatory lending by unqualified or unscrupulous lenders offering costly or unstable loan products.
Must-Know Details About the Military Lending ActExperian
With enhancements made to the Military Lending Act and compliance required by October 2016, lenders must understand the changes and protections they must introduce to service the military credit consumer. This presentation reveals insights shared in an Experian-hosted webinar in August 2016.
5 steps to boost your accuracy in data reportingExperian
According to a recent Experian Data Quality study, 90% of financial institutions believe increasing regulation has driven their need for better data analytics and management. So how do you boost data accuracy - especially when it comes to reporting quality data to the bureaus? This deck reveals best practices, as well as solutions to consider when striving to improve your data reporting.
Access to finance for the informal sectorM S Siddiqui
Bangladesh may formulate policies to use these sources to in credit reporting systems. There may be even legal framework like some other some economies to allow the sharing of information from non-traditional sources and authorised CRSPs to prepare CR for MSMEs.
Empowering MSMEs - Challenges in MSME Financing - Part - 4Resurgent India
Lack of Experience Entrepreneurs of first generation with lack of experience, has been revealed as the foremost reasons of poor SME credit, followed by lack of collaterals & infrastructure put together 26% and poor financials of SMEs by 24% respectively.
Consumers' financial rights are protected by federal and state laws and regulations covering many services offered by financial institutions.
*All product and company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
Credit rating, it's historical perspective, Indian perspective, process of credit rating, communicating of credit rating, Top credit rating agencies, rating symbols have described.
The New CFPB, New Simplified Disclosures & How Your Credit Union Will Be Affe...NAFCU Services Corporation
On July 21, 2011, the Dodd-Frank Act’s Consumer Financial Protection Bureau assumed its oversight and enforcement powers over the nation’s financial institutions. Changes include new and revised compliance disclosures, which will have a significant impact on credit unions. In this 2011 NAFCU Annual Conference session discover how your credit union can overcome these and other challenges, including those related to the new Privacy and Risk-based pricing notice requirements that took effect on January 1, 2011. Plus, be prepared for the new trend of simplified disclosure requirements that is likely to follow.
Presented by Ted Dreyer, Senior Attorney, Wolters Kluwer Financial Services
More info at http://www.nafcu.org/wkfs
Tax justice from 100 years old income tax law.pdfM S Siddiqui
Roughly 94 per cent of income-tax revenue comes from tax deducted at source. The Tax deduct as source (TDS) has been imposed at border during release of imported goods and services, supply of goods and services to government and corporates entities. This deduction is on gross sales value but not on net profit. The advances taxes are non-refundable and considered as tax on income. In many cases the tax burden are more than 100 percent of the net income of the business enterprises.
Bangladesh’s cross border transaction in Chinese RMB.pdfM S Siddiqui
Banks are finally allowed to maintain accounts in Chinese currency RMB with their correspondents or overseas branches for cross-border transactions executed in Bangladesh.
Meanwhile, China has introduced cross-border interbank payments system (CIPS) with the RMB as an alternative trading currency. CIPS payment system offers clearing and settlement services for participates in cross-border RMB payment and trade.
Over the last decade the Chinese government has consistently strived to overcome China’s dependence on foreign supplies in the sector, and as a result China’s market share in semiconductors has increased from 5 percent in 2010 to 13 percent in 2020, more than doubling in ten years. China is moving along with the planned schedule to achieve supremacy in manufacturing semi-conductors.
Evaluation of Bangladesh’s Data Protection Bill.pdfM S Siddiqui
The draft Data Security Law did not make difference between data privacy and data security and a big concern was how to maintain the privacy of such data. The problem is that the government has expressed a controlling attitude to make the law a control mechanism rather than data security and data privacy.
Rights of the nominee vis-à-vis legal heirs.docxM S Siddiqui
Currently, the banks may follow the rule of Bangladesh Bank and the principle of the judgment of the High Court Division that the nominee is entitled to the money of the deceased person and pay to the nominee at the first instance to complete their responsibility. Subsequently, the nominee will be treated as a custodian in case of a succession certificate given by the court and distribute the amount accordingly.
Bangladesh bank’s rules of export documents require an amendmentM S Siddiqui
The Factoring services provide security of payment and financing through transfer of shipping documents along with ownership and rights over the payments. The circular no. 32 (dated October 03, 2021) restricting transfer of document will hamper smooth service of Factoring and export financing by trade finance companies. The BB should revisit the circular addressing the embargo over transfer of full set of documents.
Ad free channel ends unfair privileges to overseas manufacturersM S Siddiqui
The Clean Feed Strategy would give a level playing field to Bangladeshi manufacturers and foreign manufactures. Although late the government has taken a bold decision.
Pandemic recession and employment crisisM S Siddiqui
The policy of Bangladesh Bank and attitude of commercial banks have many challenges to overcome regarding these programmes. They require a change in mind-set and political will to recognize the crisis and probable solution. There should a recognition that informal workers and their livelihood activities represent the broad base of the economy producing essential goods and services not only for low-income customers but also for the general public and for the formal economy.
Bangladesh needs rules on odourised lpgM S Siddiqui
It is impossible to detect the leak because of the lack of odour. This has led different countries to enact new regulations that require gas suppliers to odourise LPG.
The experience of the other countries doesn’t support the fear of NBR officials. This conception of officials is a challenge of introduction of PCA in Bangladesh.
With the ratification of the TFA in 2016, Bangladesh has obligation to introduce PCA in the customs rule. The relevant SRO should be issues as early as possible.
Abrupt indian ban on onion seeds not legalM S Siddiqui
Bangladesh became self-reliant in Cattle production after restriction on cattle export / smuggling during last few years. Let's hope that the statistics of Bangladesh Agricultural Department are correct and Bangladesh will hopefully continue to be self-reliant of onion despite Indian ban on export of onion and onion seed.
Miniket may be branded for marketing by any company but cannot claim this as local variety of rich. It cannot be registered under patent act. The fate of Miniket is depends upon teste and demand of the consumers.
Psi of govt purchase contrary to import policyM S Siddiqui
The inspection by government official is against the Import Policy Order as well as it is expensive for the nation and not serving the real purpose. The inspectors are not liable for any incidence of wrong delivery.
Disappearance of border pillars and death from lightning strikeM S Siddiqui
In south Asia the casualties have been increases in recent years. But apart from climate change, the recent increase of death of lightning has linkage with the silent disappearance of Border pillars of Mouja installed by British rulers in South Asia.
Hashem foods fire determining the liability of regulatorsM S Siddiqui
Despite all the irregularities, how industries get fitness certificate from DIFE on yearly basis is a question. Hashem Food started their business in 1982 and DIFE has been certifying it on yearly basis since then.
Regional co-operation under SAARC may be an additional blessing to solve the problem. Bangladesh apparently failed to get mutual co-operation from neighboring countries. Bangladesh may shift the policy on prevention, education and training of all stakeholders to eradicate drugs from our society.
Aila re naya daman folksong belongs to whomM S Siddiqui
Copyright protection is one such important and strong protection guaranteed under intellectual property laws. The expressions of folklore are undoubtedly a product of human genus and intellect and hence deserve adequate protection under the fast-growing system of intellectual property rights laws. The folk song Aila re naya daman is the property of the community, and not of any individual.
The budget of FY22 cannot be considered as budget of pandemic period. The common people were expecting a lot from this budget but unfortunately there was no good news for them.
Action of competition commission on school dress salesM S Siddiqui
The recent action of Competition Commission to punish a single supplier of Viqarunnisa School and Collage. The Commission only warned the School authority not to have such practice in future. It attract minor attention of the media but the there is no reaction among the social leaders.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
1. CIB not for control of credit
24 Jul 2021 00:00:00 | Update: 23 Jul 2021 23:31:17
https://businesspostbd.com/post/21322
https://businesspostbd.com/post/21322
Non-performing Loan (NPL) in different countries and overlapping of loan by
different financial institutions has increased problems of borrower’s over-
indebtedness. The weakening performances of financial institutions (FI) is due to
many reasons including the lack of proper information sharing in the markets as
because growing numbers of FIs increase the level of asymmetric information
between lenders and borrowers. A credit information system can play a crucial role
towards improving credit market performance. The credit information is an
essential component of the financial system. Its evolution in Bangladesh over the
past decade has been very successful, but also with unexpected side effects. These
side effects now seriously impede the further development of the industry. The
Credit Information Bureau (CIB) in Bangladesh is an organization that has
members from FIs. It collects credit data on borrowers from its member FIs. The
CIB is legally empowered to collect credit information. The information in CIB is
shared on reciprocal basis. Those financial data is then aggregated in system and
the resulting information is made available on request to contributing member FIs
for the purposes of credit assessment, credit scoring and credit risk management.
The major purpose of this database is to enable the FIs to know the credit history
of their prospective customers thus enabling them to make a more prudent
decision. But FI cannot ignore the report of positive or negative for sanctioning of
loan. The powers of the Credit Information Bureau (CIB) to collect and provide
data to financial institutions are stipulated in Chapter IV “Collection and
Furnishing of Credit Information” of the Bangladesh Bank Order 1972, as
amended. This order provides the legal basis for requiring financial institutions to
provide loan data, including information on collateral and guarantees to
Bangladesh Bank but limits the information that the central bank can share. Thus,
although the information that there is a classified loan can be made available, the
lending FIs holding this classified loan cannot be identified. FIs are only following
2. the CIB report to either extend credit or not. The standard global practice of other
countries, the credit information reports neither express any opinion about the
borrower creditworthiness nor assign any rating to the borrowers. A credit bureau
not only collects but also processes and stores credit information both on the
existing borrowers and the potential borrowers with a view to furnishing the
information, on request, to the lending institutions which are its members. They
maintain a data bank on borrowers from lending institutions of trade, credit and
financial information on borrowers and prospective borrowers of lending
institutions. It provides factual position of the borrowers’ credit exposure both
negative as well as positive as of certain date. The negative CIR report may be due
to some outstanding liabilities of financial institutions that were either not paid or
paid after the due date. The borrowers will be able to obtain a copy of their Credit
Information Bureau reports. CIB report is a confidential document, A CIB report
just shows the past behaviors of the borrowers and FIs used CIB reports as a
helping tool for making credit decisions. As an standard global practice, credit
bureaus collect and collate personal information, financial data, and alternative
data on individuals from a variety of sources called data furnishers with which the
bureaus have a relationship. Data furnishers are typically creditors, lenders,
utilities, debt collection agencies and the courts (i.e. public records) that a
consumer has had a relationship or experience with. Data furnishers report their
payment experience with the consumer to the credit bureaus. The data provided by
the furnishers as well as collected by the bureaus are then aggregated into the
credit bureau’s data repository or files. The resulting information is made available
on request to customers of the credit bureau for the purposes of credit risk
assessment, credit scoring or for other purposes such as employment consideration
or leasing an apartment. In the United States, the legal term for a credit bureau
under the federal Fair Credit Reporting Act (FCRA) is consumer reporting agency
(CRA). There are four national US credit reporting agencies: Experian, Equifax,
TransUnion, and Innovis. These organizations are not for-profit businesses and
possess no government affiliation. Though they are competitors, they have formed
a trade organization called the Consumer Data Industry Association (CDIA). There
are dozens of other similar information collection and reporting firms that analyze
and sell information about consumers for other purposes, including those who
aggregate multiple credit data sources and provide lenders with customized
analytical tools. In other countries, the consequence of mis-information by Credit
reporting agencies has serious consequences. The information may cause loss of
market credibility of borrowers. The interest of the borrowers in USA are
safeguarded through rule and also court decision. In the case of Dun & Bradstreet,
Inc. v. Greenmoss Builders, Inc., 472 U.S. 749 (1985) the U.S. Supreme Court
held that a credit reporting agency may be liable if it was careless in reporting an
3. impending or past bankruptcy filing of a business that is not a public figure. The
credit companies in one country may also work in cooperation with similar
companies in other countries as well. In the United Kingdom, the three credit
reference agencies are Experian, Equifax and Callcredit, which works closely with
its US partner, TransUnion. Most FIs and some other companies also subscribe to
one or more credit organizations to ensure the quality of their lending. This
includes companies who sell goods or services on credit such as credit card issuers,
utility companies and store card issuers. Subscribing organizations are expected to
provide relevant data to maintain the common data pool. The UK based Credit
reference agencies are bound by the Data Protection Act 1998, which requires that
data relating to identifiable individuals must be accurate, relevant, held for a proper
purpose and not out-of-date. Individuals have a legal right to access data held on
them. The activities of Credit Reference Agencies are governed by the Consumer
Credit Act 1974. In Pakistan, all member financial institutions are required to
submit entire borrowers’ records online to CIB on monthly basis. This information
is submitted within a period of fortnight from the date of close of month. There are
four privately owned and managed credit bureaus operating in Pakistan: Datacheck
(Pvt.) Limited, Credit Chex (Pvt.) Limited (Powered by Experian UK), News-VIS
Credit Information Services (Pvt.) Limited, ICIL-International Credit Information
Ltd./ PakBizInfo India’s first credit information bureau is The Credit Information
Bureau (India) Limited (CIBIL) established by the Government of India and the
Reserve Bank of India to improve the functionality and stability of the Indian
financial system by containing NPAs while improving credit grantors’ portfolio
quality. This legal power to collect and provide data is sharply defined in the law.
The data that is collected is very detailed on the exposures and the amounts. This is
probably more information than would be permissible for any organization except
the central bank. At stake here is bank secrecy and the obligation of the financial
institution to maintain confidentially of the transactions of its borrowers and
depositors. Central bank has the right to collect whatever data it wants from banks
along with the obligation to keep this secret.
The writer is a legal economist