The BENEFIT Company of Bahrain, the operators of the Credit Reference Bureau announces the implementation of the Global FICO Scorecard. This is the first time a scorecard has been introduced in an Arab Credit Bureau and is seen as a major step forward for BENEFIT and the Bahrain Banks.
The Credit Reference Bureau has been fully operational since August 2005 and operates under license from the Central Bank of Bahrain and provides credit information to the Banking community of Bahrain. This information enables more accurate credit decisions to be made thus preventing customer borrowing beyond their capability of maintaining these loans in good order.
Mr. Abdulwahid Janahi, General Manager of BENEFIT, says that the Bureau information can be seen in many different ways and needs time to be analyzed correctly. This can sometimes be interpreted differently by lenders leading to loans being declined by one Bank yet accepted by another. Now that Banks will receive a score based on the bureau information, they will be able to judge the credit worthiness of their customers more accurately.
Mr. Janahi is also pleased to announce that the implementation of the FICO Scorecard will be carried out by PIC Solutions who are based in Dubai. “This is the best of both worlds” says Mr. Janahi. “A recognized and modern method of credit decision making from an experienced company who are well established in the region. Both companies share the same objectives of providing high standards of service and value each others expertise in the industry”.
Robin Watson, Assistant General Manager for the Credit Bureau added “This is a first for the Arab Credit Bureau industry and is part of the original strategy announced when the bureau became operational. This strategy is to provide a wide range of credit risk management solutions to the Banks and Finance Companies of Bahrain. BENEFIT intends to provide cutting edge technology to stay ahead of the region who have yet to adopt the provision of equivalent new products and services for the financial services sector”.
Mr. Ian Read, General Manager of PIC Solutions, MENA Region, adds “We are delighted to be working with Th BENEFIT Company on this milestone initiative in the Arabian Gulf. BENEFIT has a track record of implementing industry firsts and we are confident that the tried and tested Global Fico Score will be a great success in Bahrain.
