SBP issues certificate to DataCheck

KARACHI: The State Bank of Pakistan (SBP) has issued a Commencement of Business Certificate to DataCheck Limited on January 2, 2019 in accordance with the provisions of the Credit Bureau Act 2015, and following an extensive assessment process, a statement said on Friday.

DataCheck commenced credit bureau operations in 2001 and is the first and foremost privately operated credit-reporting agency in Pakistan, it added. It currently maintains the largest and most accurate database of consumer financial behaviour in the country, using accredited state-of-the-art technology.

The information contained within the database is used by a wide variety of financial, and non-financial, institutions to make informed decisions about the credit worthiness of individuals and small businesses, enabling the free flow of financial services, the statement said.

In addition to developing the first such database in Pakistan, DataCheck Ltd has also brought to market a variety of ‘Best in Class’ value adding products to help both lenders and individuals manage the risk associated with lending.

DataCheck’s Bureau Scores, launched in 2008, help lenders accurately assess borrower risk by means of a simple ‘probability of default’ score that simplifies the loan granting process and reduces the time taken to make a lending decision.