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Business Reporter
SPECTIP Investments has started rolling out credit bureau services covering individuals, public institutions and private companies, a company official said last week.Mr Innocent Mugwagwa, operations director at the company said their system enables private and public entities to gain a greater perspective into the risk profiles of individuals and companies, thereby empowering them to make informed business decisions.

Financial institutions and other credit providers have often been unable to access data on customers at other financial institutions when making lending decisions.

As a result, borrowers could take multiples debts with several lenders and other credit providers.

“We provide a range of comprehensive, accurate and timely information solutions such as credit bureau services, blacklisting services, cheque-honouring reports, business background reports and other risk assessment tools,” said Mr Mugwagwa.

“The bureau act as broker, collector, organiser and provide information on the credit histories of each client, as well as some personal information.”

Mr Mugwagwa said the company had a rich database encompassing individuals and companies in the country, payment behaviour information on consumer and commercial borrowers as well as 35 per cent of mortgage data in the country.

It has established data-sharing agreements with several organisations, added Mr Mugwagwa.

“This system is the first in the country and we have been working on it since dollarisation in 2009.  It gives power to credit grantors as it acts as a tool in decision making.

“With this easy to use system habitual defaulters will have difficulties in accessing credit and those who use real estate will have difficulties finding accommodation if they run away without paying.

“The system also acts as an aid in debt collection as it will show who is owed by the debtor. We use ID numbers and cell numbers to differentiate debtors.”