Most large organisations now use credit bureau data at the marketing stage to screen out prospects that have court judgments or significant levels of defaulted accounts with other credit providers. Similarly, most risk managers accept that bureau data is invaluable at the new business acquisition stage to assess the credit risk of new customers and to help decide what facilities to offer them. However, it is still a lot less common for all but the larger companies to use bureau data to help manage existing customers effectively. A lot of the major banks, and other providers, regularly score their customers, or accounts, to reassess the overall stability of the customer's finances. As part of behavioural bureau scoring, it is important to re-examine the credit bureau data regularly. A lo...
The Central Bank of Nigeria issued guidelines for establishing and operating credit bureaus, in a move that will support the development of the country's credit market by providing greater access to information on creditworthiness. Under the new guidelines, banks and their subsidiaries can invest up to 10% of a credit bureau's paid-in capital, though no financial institution may take a stake in more than one credit bureau. To apply for a credit bureau license, a company must deposit the equivalent of some $4.2 million with the central bank as a refundable minimum capital requirement.
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