Emcredit - Roles & Benefits of a Credit Bureau

Roles & Benefits of a Credit Bureau

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Credit bureaus are institutions that specialize in collecting, collating and disseminating credit information. Credit information is collected from various traditional sources such as financial institutions, government departments, businesses and customers, as well as non-traditional sources such as utility providers and compiled into credit information reports which help creditors in assessing repayment capabilities of prospective and existing customers.

Credit bureaus aid lenders, borrowers and the economy as a whole. The primary functions of credit bureaus are:

To ensure that accurate depiction of the "prospective borrowers' total credit exposure" and financial position is available to the creditor prior to making a credit decision.
To protect creditors against unnecessary credit risk exposure, and therefore against non-performing assets and defaults.
To prevent application fraud by authenticating application particulars.
To protect consumers against financial mismanagement by basing their access to credit, and payable risk premium, on their respective risk profile.
To facilitate improved efficiency and turn around time of credit evaluation and decisions.

From an economic stand point this translates into a healthier and more sustainable expansion of credit.

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