CRIF Puts Data Security at Heart of Belize’s New Credit System

When it comes to your credit, security is everything and CRIF says that’s one of its top priorities. The company, now working with the Central Bank, promises that all the data in Belize’s new credit bureau will be highly protected. So, how will lenders use this information? They’ll look at your credit report to decide the risk before approving a loan. And what’s in that report? Your credit score, any past-due payments, your history of repaying loans, and even your overall exposure, plus a few other key details.

 

Davide Meo, International Markets Director, CRIF

“In this respect the exposure is telling you what the level of indepthness is the individual or MSME has, and it gives you a picture of how it is possible to grant additional credit to that individual. Of course you are based on declaration, judgmental approach, so a vast majority of you now ask the individual to produce salary documents. You will never find that information in the credit bureau, because that information is considered to be not official. There is the possibility of introducing additional data sources. Potential, if the exposure is a fact the potential is something you can judge by having the possibility to understand if a good payer calls a credit and is ready to get additional credit, therefore for you it is the right moment to get new business. This is very important. The credit bureau is not only meant to provide conservative information to reject people, but to financially include them. It has to be seen as a system which collects all sorts of information which is giving you the possibility to understand how you can be trusting the individual coming to you.”