BENEFITS OF A CREDIT REFERENCE BUREAU


BENEFITS OF A CREDIT REFERENCE BUREAU
“if you don’t pay by ……… you will be blacklisted in the credit reference bureau” this is a common statement being used by most debt recovery staffs in most organizations. CRB has been painted as a Monster that has no good to the economy other than to threaten defaulters to pay their bills and debts. This kind of thinking is retrogressive and will only do harm to the economy.
Credit Reference bureau benefits both the lender and the borrower and it is a tool that can bring benefits to the world economy. In developing countries the CRB concept is very new and has not been widely accepted but with an increase in defaulters, it is gaining momentum but at a slow pace.
The benefits of a CRB should be a win-win situation that enables lenders to access good customers and also for customers with a good credit history to obtain credit at better terms. The benefits that accrue from a CRB are;
• Reputational collateral
• Business growth
• Improved margins
• Increased customer loyalty
• Improved revenue collection
• Fewer defaulters.
Credit reference Bureau therefore plays a role in the growth of the entire economy. Let’s embrace the concept for a better debt culture that benefits all.

Advertisements
This entry was posted in Uncategorized and tagged , , . Bookmark the permalink.

One Response to BENEFITS OF A CREDIT REFERENCE BUREAU

  1. matiko says:

    nice advice

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s