“In accordance with the provisions of the Credit Bureau Act 2015, and following an extensive process of assessment, the State Bank of Pakistan has issued a Commencement of Business Certificate to DataCheck Limited on January 02, 2019.
DataCheck commenced credit bureau operations in 2001 and is the first and foremost privately operated credit-reporting agency in Pakistan. It currently maintains the largest and most accurate database of consumer financial behavior 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.
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. The DataCheck ‘Alert’ service, introduced in 2015 then allows lenders to efficiently monitor ongoing risk and track customer behavior in order to provide improved customer service and debt management.
Tariq Jan, Managing Director of Data Check Ltd added, “The granting of the Commencement of Business Certificate marks the next step in the evolution of credit reporting in Pakistan. Whilst the services that we provide are already comparable to those in many developed markets, the granting of the license provides us with the surety to invest in the future and bring even more services to the Pakistan financial sector which will benefit lenders and borrowers alike. Unlike many of the international companies operating in this space, we are a home grown initiative that understands the specific requirements of how best to serve the Pakistan market place.”