08.03.2012
Creditinfo Jamaica receives ministerial approval for Jamaica's first Credit Bureau
Thursday, March 8, 2012: Creditinfo Jamaica Limited was on Monday March 5, 2012, granted ministerial approval of its application for a licence to operate a Credit Bureau as provided for under the Credit Reporting Act (2010). The Act was passed by Parliament in August 2010 and was created to “ensure that credit reporting is done through reasonable procedures that meet the needs of commerce for credit information in a manner that is fair and equitable to the consumer”. It provides for “the sharing of credit information between specified bodies, the licensing of credit bureaus and for connected matters”.
Creditinfo Jamaica Limited is a joint venture between local partners, Coalesce Credit Solutions Limited and leading international credit bureau, Creditinfo Group Hf. Now that ministerial approval has been received, the company expects to fulfil its licensing requirements to allow it to be operational by mid year.
Creditinfo Jamaica’s Chief Executive Officer (CEO) is Megan Deane. Miss Deane is the former Deputy Managing Director of the EXIM Bank and Director of Investments and Privatisations at the National Investment Bank of Jamaica.
The company’s application for a licence was recommended to the Minister of Finance and Planning by the Bank of Jamaica after their comprehensive evaluation and review process.
“We are very pleased to be the first company to receive ministerial approval and commit to working with all stakeholders towards establishing Jamaica’s first credit bureau. As soon as the formal licence is issued, we look forward to providing reliable access to confidential credit information as well as developing value-added products that facilitate the decision-making and management processes”, said Deane who noted that “Creditinfo Group’s strength is the establishment of credit bureaus in emerging markets like Jamaica”.
Creditinfo Group is an international service provider for credit information and risk management solutions, currently operating in eleven countries worldwide. It has developed, through its multiple subsidiaries, numerous products and services to facilitate best practice decision making in credit risk management. The Group is headed by Iceland’s Entrepreneur of the Year for 2009, ReynirGretarsson.
Creditinfo Group was introduced to Jamaica by Coalesce Credit Solutions Limited, headed by Damion Franklin and Craig Stephen who currently are members of Creditinfo Jamaica’s management team.
Creditinfo Jamaica’s Chief Executive Officer (CEO) is Megan Deane. Miss Deane is the former Deputy Managing Director of the EXIM Bank and Director of Investments and Privatisations at the National Investment Bank of Jamaica.
The company’s application for a licence was recommended to the Minister of Finance and Planning by the Bank of Jamaica after their comprehensive evaluation and review process.
“We are very pleased to be the first company to receive ministerial approval and commit to working with all stakeholders towards establishing Jamaica’s first credit bureau. As soon as the formal licence is issued, we look forward to providing reliable access to confidential credit information as well as developing value-added products that facilitate the decision-making and management processes”, said Deane who noted that “Creditinfo Group’s strength is the establishment of credit bureaus in emerging markets like Jamaica”.
Creditinfo Group is an international service provider for credit information and risk management solutions, currently operating in eleven countries worldwide. It has developed, through its multiple subsidiaries, numerous products and services to facilitate best practice decision making in credit risk management. The Group is headed by Iceland’s Entrepreneur of the Year for 2009, ReynirGretarsson.
Creditinfo Group was introduced to Jamaica by Coalesce Credit Solutions Limited, headed by Damion Franklin and Craig Stephen who currently are members of Creditinfo Jamaica’s management team.
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For further information please contact:
Megan Deane
Chief Executive Officer, Creditinfo Jamaica Limited
Email: mdeane@creditinfojamaica.com
(876)618-3735(O)/426-0956(M)