KARACHI: DataCheck (Pvt.) Limited has formally commenced its consumer credit bureau operations from Wednesday, said Tariq Nasim Jan, Managing Director DataCheck.
The bureau will serve as a central repository of information relating to defaulting customers of financial institutions.
The software applications being used by the bureau have been developed with the assistance of Data Advantage Group of Australia which is the largest bureau service accounting for 95 percent of all credit inquiries in Australia.
“Six banks had already subscribed to the to the bureau service including Citibank, Standard Chartered Bank, Askari Commercial Bank, ABN Amro, Allied Bank of Pakistan and Union Bank,” said Jan.
Jan said that the bureau was the first of its own kind and would expand its scope.
Justifying the creation of DataCheck in the presence of Credit Information Bureau of the State Bank, Jan said that his bureau would specially serve the small consumers.
“Our function will help in the progress of consumer banking, expansion of credit card business and small over –drafting. Basically it will deal with small individuals,” said Jan.
Credit bureau services will help financial institutions regulate credit and reduce the incidence of defaults, he said.