Following the collection of information and data, the credit bureaus
will be able to offer value-added services to different enterprises and businesses.
ISLAMABAD -- The government has made it mandatory on financial institutions, retailers, telecom service providers and utility companies to provide all relevant data to licensed private credit bureaus
regulated by the State Bank of Pakistan (SBP).
Here is what you need to know about credit bureaus
and what they do with your credit score.
America's credit bureaus
haven't exactly covered themselves in glory when it comes to protecting your private data.
It added that the credit reporting subindicator also measured the coverage, scope and accessibility of credit information available through credit reporting service providers, such as credit bureaus
or credit registries.
Since the court has directed to set the minimum capital at a reasonable level, therefore, in line with the direction of the court, the State Bank has reviewed the local and global level of setting up credit bureaus
in private sector.
He said that the current legislation in Azerbaijan doesn't limit the number of private credit bureaus
in the country and their number may increase in the future.
Clarity's non-traditional credit data provides a unique insight into consumer credit behavior that is not available from the traditional credit bureaus
. Lenders and buy-here-pay-here or sub-prime dealers who exclusively use traditional bureau scores are missing a wealth of information that could have a huge impact on underwriting or lending decisions.
Although this concept is essentially old (with credit bureaus
in Germany, Sweden, and the US existing for nearly a century), it gained significant traction in the post-2009 era as several countries introduced regulations guaranteeing that borrowers can inspect data in credit information registries, while improving the regulatory framework for sharing credit information.
The Kenyan central bank has warned commercial banks against misuse of credit bureaus
, according to Reuters.
ISLAMABAD -- The Senate on Thursday passed the Credit Bureaus
(Amendment) Bill, 2016 to ensure the existing legislation in conformity with the provision of Banking Companies Ordinance and international best practices.