Georgetown: A Memorandum of Understanding (MOU) paving the way for the further expansion of the breadth of data in the credit bureau database was signed on Friday between the Commercial Registry of the Deeds and Commercial Registries Authority and Creditinfo (Guyana) Inc.
Affixing their respective signatures on behalf of the two entities were, acting Registrar of Commerce, Ms. Nicole Prince and Chief Executive Officer (CEO) of Creditinfo (Guyana) Inc., Ms. Judy Semple-Joseph.
The bureau in a release noted, that the information sharing agreement is intended to facilitate regular and efficient flow of data on registered businesses and companies that would further enhance the quality of credit reports being provided by the credit bureau. Under the terms of the agreement, the publicly available information will be shared under strict protocols for inclusion in the credit bureau database which primarily serves the financial sector and other subscribers to the credit bureau.
Through its mandate to operate as a credit bureau in various markets, Creditinfo has established high standards of data requirements for its Credit Bureau System (CBS) database. The Business and Company data repository by the Commercial Registry is therefore needed to satisfy the requirements of data sufficiency for this market and, in addition, contributes directly to a favourable assessment for Guyana on the World Bank Doing Business Index. This development of a credit bureau in Guyana has now created an enabling environment in which larger numbers of persons can access much needed credit far easier and within a shorter processing time. Also, with the credit bureau the credit decision- making process is facilitated much easier.
As one of the newest subsidiaries of the global Creditinfo Group of Companies, Creditinfo, Guyana, has been forging ahead with its mandate to provide the full range of credit reporting services to the local market and continuously improving it data quality.
The Commercial Registry is a Statutory Body established under the Deeds and Commercial Registries Authority Act No. 4/2013 and tasked with the operational and repository aspects of publicly available documents and data.
In addition it creates processes and stores documents that formalise the legal registration of all businesses and companies in Guyana and disseminates them as allowed by law and necessity.
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