Do credit bureaus collect data from organizations other than commercial banks? Yes!
It is important that any agency that provide credit or hire purchase plans for their services, including utilities, micro-lending institutions, as well as government departments, such as corporate registries, courts, tax and electoral departments share data with credit bureaus as this can:
1. Improve the accuracy of credit reports
2. Increase access to credit, especially for those without traditional credit history from commercial banks
3.Enhance fraud prevention, as well as anti-money laundering (AML), counter-terrorist financing (CTF) and know-your-customer (KYC) checks
4. Expedite the loan approval process.
When agencies share data, they can also begin the process of pulling credit reports and obtaining bespoke market insights. These comprehensive reports can improve your business decision-making toward greater risk management and competitiveness.
Contact us today on how you can share information with us toward making smarter business decisions.