Last Updated on Tuesday, 24 March 2015, 18:54 by GxMedia
The Guyana Water Incorporated (GWI) has agreed to help rate Guyanese eligibility for loans and credit through a partnership with Creditinfo Guyana, the utility company said in a statement Tuesday.
Recently, senior officials from Creditinfo Guyana and the Guyana Water Inc. shook hands to mark the implementation of a historic partnership, driven by their shared concerns and mutual support for the financial development of Guyanese and the economy of Guyana.
Through the Creditinfo Partnerships Initiative, GWI collaborated with the credit bureau to help consumers when they approach banks, microfinance institutions and other lenders for loans and other forms of credit. Information on the payment patterns of individuals from the utility was not available to third parties until the Creditinfo Partnership between GWI and Creditinfo. This information can be a very useful tool to help in determining the character and credibility of a potential borrower. The information is included in the various credit reports that are now used by banks throughout the sector as an indicator of eligibility for funds. Further, lower rates of interest on loans and faster approvals are also now possible, making the whole application process with lenders faster and easier approvals more likely.
Creditinfo Guyana is both pleased and proud to publicly acknowledge Guyana Water Inc’s outstanding leadership, corporate responsibility and outstanding efforts on behalf of their customers as demonstrated by their unstinting support for the credit bureau program.
Throughout the world, studies have shown that the presence of a credit bureau in the market is always followed by a vastly improved climate for lending and credit access for consumers. It is exciting news that this is now available in Guyana, for Guyanese.