Tajikistan’s First Credit Information Bureau Begins Operations

Atlanta, GA, June 22, 2013 --(PR.com)-- During the launch event held on June 12 at the Hyatt Regency Hotel in Dushanbe, CRIF presented its all-round experience in the development of the credit bureau project and highlighted the positive impact of a centralized information system on the local credit market. CRIF joined a line-up of important speakers, including the IFC Country Office for Tajikistan, the Vice Prime Minister of the Republic of Tajikistan, the State Advisor on Economic Policy - President’s Office of the Republic of Tajikistan, the Chairman of the National Bank of Tajikistan, the World Bank Country Manager in Tajikistan, and the Chairman of the Association of Banks of Tajikistan. The event marked the fact that the credit bureau platform system developed by CRIF is now open to start gathering positive and negative credit information on individuals and businesses from eligible Tajikistani lending institutions, banks and microfinance institutions, who can in turn query the system to see the credit histories of their clients.

This increased sharing of information will facilitate access to credit for more businesses and consumers by improving the lending process and reducing default rates, as well as promoting responsible decision-making and less discriminatory lending practices.

Considering the economic and financial system in Tajikistan, the local credit bureau will help banks move from a more traditional approach, where credit is mainly granted through collateral, to a more advanced and automated model based on credit references. As a result, lenders will be able to deliver financial services at significantly reduced costs and expand credit to wider segments of the economy.

“The credit bureau will play a pivotal role in credit risk management and in the promotion of a more mature credit culture in Tajikistan. As CRIF has already experienced in many other countries, the evolution of the financial sector depends heavily on the availability of effective information systems which streamline credit risk management and consequently support the financial needs of businesses and consumers,” said Enrico Lodi, General Manager of Credit Bureau Services at CRIF.

During the launch event held on June 12 at the Hyatt Regency Hotel in Dushanbe, CRIF presented its all-round experience in the development of the credit bureau project and highlighted the positive impact of a centralized information system on the local credit market. CRIF joined a line-up of important speakers, including the IFC Country Office for Tajikistan, the Vice Prime Minister of the Republic of Tajikistan, the State Advisor on Economic Policy - President’s Office of the Republic of Tajikistan, the Chairman of the National Bank of Tajikistan, the World Bank Country Manager in Tajikistan, and the Chairman of the Association of Banks of Tajikistan. The event marked the fact that the credit bureau platform system developed by CRIF is now open to start gathering positive and negative credit information on individuals and businesses from eligible Tajikistani lending institutions, banks and microfinance institutions, who can in turn query the system to see the credit histories of their clients.

This increased sharing of information will facilitate access to credit for more businesses and consumers by improving the lending process and reducing default rates, as well as promoting responsible decision-making and less discriminatory lending practices.

Considering the economic and financial system in Tajikistan, the local credit bureau will help banks move from a more traditional approach, where credit is mainly granted through collateral, to a more advanced and automated model based on credit references. As a result, lenders will be able to deliver financial services at significantly reduced costs and expand credit to wider segments of the economy.

“The credit bureau will play a pivotal role in credit risk management and in the promotion of a more mature credit culture in Tajikistan. As CRIF has already experienced in many other countries, the evolution of the financial sector depends heavily on the availability of effective information systems which streamline credit risk management and consequently support the financial needs of businesses and consumers,” said Enrico Lodi, General Manager of Credit Bureau Services at CRIF.