Benefit Company to establish credit reference bureau service
The Benefit Company which provides shared electronic Banking services to financial institutions in Bahrain has plans to establish a credit reference bureau and provide bureau services to commercial businesses, with an objective to increase the confidence and volume of credit transactions.
The Benefit Company is currently in the final phase of the study for the bureau to begin inviting vendors and suppliers to make the offer for a bureau this year.
“The credit reference bureau shall provide transparency toward lending market to additionally, improve services to businesses and individuals by enabling creditors to lend to better risk borrowers and reducing the borrowing cost by motivating creditors to be more competitive for good borrowers,” said a Benefit spokesperson.
The Bahrain Credit Reference Bureau Services will co-operate and work closely with Bahrain Monetary Agency (BMA) and the financial service institutions through secured communication links to provide efficient and quality service.
The Benefit Company plan’s for credit reference service bureau has been as the result of a strong demand by BMA, financial institutions and Bahrain Banker’s Society. The bureau initially will service the financial institutions and credit card companies, later the bureau will provide the service to other agencies and businesses. — (menareport.com)
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