SCOTIABANK PULLS ITS FIRST REPORT FROM CRIF-NM CREDIT BUREAU
(11 October, 2013) (Interlinc Communications) - CRIF NM and Sotiabank Jamaica recently signed a Credit Information Provider (CIP) Agreement making CRIF- NM the first official provider of credit reports for that financial institution. The agreement was signed by Monique French, Snr. Vice President Credit Risk Management, Scotiabank and Terrence Cooper, Chief Executive Officer of CRIF NM, accompanied by Lennox Elvy, Director of Retail Risk representing Scotiabank and Robert Gordon, Chief Operating Officer, CRIF NM.
The signing took place at the ScotiaCentre, Downtown Kingston on Wednesday, October 9. With the agreement now in place Scotiabank will be able to obtain credit information on its customers through the CRIF NM Credit Reporting System. Immediately after the signing ceremony, Scotiabank was able to demonstrate the system by pulling its first full-file credit report in Jamaica with a 'live look-up' of Scotiabank customer Lavern McFarlane's credit information, who was also on hand. However, McFarlane, had to first sign a consent form allowing the release of her credit information as mandated by the Credit Reporting Act 2010.
Ms. French commented that Scotiabank is honoured to play a part in the roll-out of credit bureau reporting in Jamaica, a significant development in our local banking industry. Scotiabank will go live and begin to use credit reporting in 2013. The impact of the credit report and credit scoring will evolve as we phase in their use in the various parts of our business activities over the next 24 months, and apply this new tool to the benefit of our customers."
Mr. Cooper commended Scotiabank's Management team and their IT resources for all their hard work in order for us all to be here on this auspicious occasion. We recognize ScotiaBank as one of the leading Financial Institutions in the Country and we applaud them in taking this ground breaking step as one of the first institutions to begin using full-file Credit Reports. This is the dawn of a new era in the Jamaican retail finance sector.
CRIF NM is proud to be the provider of such reports, and is honoured to be Scotiabank's strategic partner. We look forward to a long and mutually beneficial partnership CRIF NM Credit Assure Limited is a joint venture between CRIF and Neal & Massy, founded with the objective of providing a world class credit bureau and related value added services to Jamaica and other countries in the Caribbean. The company will benefit from the experience, know-how, and support of both CRIF and Neal & Massy, with CRIF providing the Credit Bureau Operating platform, industry know-how, and value added products, and Neal & Massy providing the IT/ technology infrastructure, via local industry knowledge and experience (Illuminat) and through 80 years of business involvement in the Caribbean.