Fabian Demicoli

CREDITINFO’s 10 th Anniversary celebrations


World Bank's IFC speaks at
CREDITINFO's 10 th Anniversary celebrations – Mr Fabrizio Fraboni, principal
Operation Officer and Credit Bureau specialist with the International Finance
Corporation (IFC), a World Bank Corporation, who was the main speaker in a
conference organised by Creditinfo Malta, dealt at length on Harnessing the
Power of Credit Reporting within a Credit Bureau model.

The message in the end,
beside the obvious advantages, was that the aim should be to develop a
comprehensive credit reporting system within the national financial structure
that covers both personal and commercial credit information…positive as well as
negative…from all relevant players.

Mr Fraboni, went on to explain how
Malta, as a result of such a Credit Bureau, would improve its world ranking in
the credit sector from its current 102 position.

Creditinfo Malta, organised a
mini-conference entitled "Credit
Bureaux – Reducing Risk by Collaboration" at Corinthia Hotel, St
George's Bay, last Wednesday, 14th November as part of its 10th Anniversary
celebrations.

Mr Simon Camilleri, Country Manager for
Creditinfo Malta, opened the conference by introducing Mr Reynir Grétarsson,
the founder of the Creditinfo Group and Mr Almar Hilmarsson, the CEO of
Creditinfo International GmbH.

Mr Paul Randall, Head of Business
Development of Creditinfo International GmbH, described the workings of a
Credit Bureau and its Concept and the relative Data Sharing complexities within
Credit Bureaus. The importance of Data Quality and its three levels of
strategy: Education and Awareness, Prevention (Data Verification and Data
Input) and Periodic Reviews where also touched upon as well as how in-depth
Data Analysis of the data would eventually lead to Fraud Detection or attempts
thereat.

Finally, Ms Maria Rachel Pullicino,
Credit Scoring Analyst at Bank of Valletta plc, explained how credit scoring
was one of the earliest developed financial risk management tools. Many
financial institutions, being aware of the tremendous benefits credit scoring
provided, including predictive possibilities, incorporated it in their internal
loan assessment procedures.

Following, the conference, the
participants were invited to a reception, also held at the Corinthia Hotel,
where Mr Reynir Grétarsson cut the 10th Anniversary cake.

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