Experian®, the global information solutions company, has signed an exclusive agreement to supply CreditChex with its proprietary software to enable CreditChex to establish a consumer credit reference database and bureau service in Pakistan.
CreditChex is a joint venture between the JS Group, a leading financial services group in Pakistan, and DCD Group, a global finance and real estate company. CreditChex will provide valuable decision-making tools to any company or financial institution extending consumer credit in Pakistan. These companies range from financial institutions issuing credit cards or extending loans to consumers through to mobile phone and other utility companies.
CreditChex will use the world-leading Experian software to offer the following services to these businesses:
• Positive credit information on individuals seeking credit
• Bureau score
• Fraud detection and prevention
• Loan classification for the purpose of financial regulation
“We already operate credit bureaux in 12 international markets, including the UK and USA, where the consumer credit markets are highly developed, and others, such as Russia and Bulgaria, where they are still at an early stage in their development,” said John Saunders, Chief Executive, Global Operations, Experian. “We also provide software for credit bureaux for third party operators in additional countries.
“The economy in Pakistan is growing steadily and has developed to a stage where there is significant growth in the consumer loans and auto loans markets, as well as in the credit card market. We believe that CreditChex’s credit bureau, which will be run on the Experian software platform and offer Experian decision support tools, will result in better risk management for lenders and greater financial stability for lenders and consumers.
"We have been working closely with lenders, governments and regulators for many years. The demand for fast, accurate information in decision-making is growing rapidly in financial markets across the world, and Pakistan is no exception. Lenders need to base their decisions on relevant information about consumers, so automated and sophisticated credit information retrieval systems are key to managing credit risk. The predictiveness of decision-making solutions has been enhanced by the introduction of shared credit information via credit bureaux, resulting in better risk management for lenders and improved profitability.
“Credit bureaux are key enablers for the growth of a nation’s consumer economy and the quality of consumer credit portfolios, whilst protecting the privacy and credit exposure of individual consumers.”
“With the consumer credit market booming alongside a buoyant economy, the time is ripe for a world-class credit information service in Pakistan,” commented Munaf Ibrahim, Director, JS Group.
“Financial institutions and utility companies in Pakistan are coming under increasing pressure to take well-informed, intelligent and timely business decisions as to whom they should extend credit and on what terms. The CreditChex partnership is an important addition to the JS Group’s financial services platform, which now operates market leading companies in financial sectors ranging from retail and investment banking, securities brokerage and asset management to insurance, trade finance and, now, credit bureau services.”
Zilay Wahidy, Director of DCD Group in the USA, added: “We are excited about the prospects for the CreditChex business. Experian is the world leader in the provision of credit bureau services and its decision to partner with us is an endorsement not only of DCD’s and JS’s strong presence within Pakistan’s financial services industry but also of the Pakistani consumer credit market, which has reached a critical mass.
“A credit bureau is a vital risk management tool that is necessary to ensure that the consumer banking sector in Pakistan continues to expand in a sustainable manner. We are proud to be a part of this development.”
The agreement with CreditChex is consistent with Experian’s global strategy to enter into new vertical or regional markets, while leveraging the core assets of Experian.
This press release can be downloaded from http://press.experian.com.
For further press information, contact:
JAMES RUSSELL, Head of PR, Marketing Services, Experian
Tel: +44 (0) 207 664 1139. E-mail: james.russell@uk.experian.com
CLEMENTINA PAPAGIANNI, Press Relations, Experian-Scorex
Tel: +39 06 59293045.
E-mail: clementina.papagianni@experian-scorex.mc
NADIA MUNAWAR, Head of Corporate Communications, JS Group (Pakistan)
Tel: +92 (0) 21 536 1723. Email: nadia.munawar@js.com
STEPHEN SMITH, Director, JS Group (London)
Tel: +44 (0) 20 7152 6351. Email: steve.smith@js.com
ZILAY WAHIDY, Director, DCD Group
Tel: +1 (212) 849-9210. Email: z.wahidy@dcdcapital.com
