NASSAU, BAHAMAS — CIBC FirstCaribbean has become a member of the CRIF credit bureau in The Bahamas.
In a statement, the bank said the move will further enhance the bank’s ability to tailor lending to clients and customers there.
CRIF Information Services Bahamas (the Credit Bureau) was licensed in 2019 and started operations a year later. It is supervised by the Bahamas Central Bank and is an affiliate of CRIF, a global company specializing in credit bureau and business information, outsourcing and processing services, and credit solutions, operating in Europe, America, Africa and Asia.
“CIBC FirstCaribbean is delighted to be a part of the credit bureau as this will undoubtedly be a key enabler to support our lending infrastructure. It will facilitate a more overall accurate credit assessment of customers ultimately leading to a more balanced access to credit,” said CIBC FirstCaribbean’s Bahamas Managing Director, Jacqui Bend.
Membership in the credit bureau will also reduce the need for guarantees or pledges, while lowering the chances of over-indebtedness. It will also allow the bank to shape credit offerings uniquely to the borrower’s situation, Bend said.
While stressing that credit information received is protected by law and will be held in the strictest confidence, Bend noted that a credit report was extremely important in ensuring “a complete, accurate and certified view of your debt situation and can even lead to access to even more credit than would have been available in the absence of a report”.
She explained that the credit history of a borrower was integral to enabling the bank and other lenders to truly know the customer and offer them the financial solution that best suits their overall situation.
Bend added it ensures that customers do not over-extend themselves by obtaining credit that they cannot afford.