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.
A spokesperson from Benefit added: “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 (i.e. clients who have a good history of repaying extended credit) and reducing the borrowing cost by motivating creditors to be more competitive for good borrowers.
We believe the credit bureau services is a fundamental tool for Bahrain’s financial market that complement the overall Banking services, which shall maximize the investment opportunity in Bahrain.
The Bahrain Credit Reference Bureau Services will co-operate and work closely with 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.
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