CRIF signs agreement with the first Telecom Operator in Jordan
CRIF Jordan entered into agreement with Zain Jordan, one of the largest Telecom operators in the region whereby CRIF will provide Zain with credit reporting and scoring services. This agreement will allow CRIF and Zain to exchange credit information which will lead to a significant increase in the subject data contained in CRIF database.
CRIF is the first and only credit bureau in Jordan to include Telecom data, which will be used to help individuals and companies access finance on one side and will help financial institutions better assess credit risk and applicants credit worthiness on the other side particularly unbanked people or those who are new to credit.
The exchange of information is compliant with the provisions of the Credit Information law which was passed in Jordan in 2010, which allows for the sharing of information between specified entities and licensed credit bureaus.
The integration of credit information with utilities data represents a key element to accelerating financial inclusion; in particular, for MFIs and Telcos that rely on these data to help people without a credit history to access credit. CRIF Jordan in its third year of operation has achieved 100% market coverage of the Banking and Microfinance sectors in Jordan in addition to other credit providers from other sectors such as non-bank FIs, credit card, leasing and insurance companies.