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By Leonard Gildarie Last week we examined, in a very layman matter, the possibilities of credit bureaus in Guyana.Creditinfo’s CEO, Judy Semple-JosephNews that Creditinfo has managed to get a financial institution like The Institute of Private Enterprise Development (IPED) to use its information to assess a loan application, is good for Guyana. But as mentioned last week,Taylor Mays USC Jersey, it will be an uphill task, because a serious campaign to educate businesses and other consumers of the benefits will have to first unfold.Guyanese, by nature,Miguel Montero Cubs Jersey, are suspicious people,Wholesale Jerseys, taking their time to assess a particular product or idea before endorsing it. I remember a few years ago when Guyana signed a deal with neighbouring Venezuela to sell rice, there was significant reluctance on the part of millers and farmers to sign up. Today, there is a waiting line for persons to get on board and into that market.Doing business has become much easier now. Because of the internet, we can communicate using emails and even video chatting. We have possibilities of buying products and even make payments online using secured services like Paypal.Before the internet became so popular, to protect customers, banks used what is called a Letter of Credit, in which payments were only issued after the order was delivered. The banks would accept shipping or airway bills and then release the payments.But there other options of checks now to ensure local and foreign business contacts are bona fide…well up to a certain extent.According to Mrs. Judy Semple-Joseph, Chief Executive Officer of Creditinfo Guyana, her entity has the capacity to provide references under what is known as an Investigated Business Report, which includes details of the company; such as addresses, names of directors and other publicly available data that are filed in courts and places like chambers of commerce.According to the CEO, Guyana’s move to doing business in a different manner is becoming more and more pronounced. In the third quarter of 2014, exports from Guyana were pegged at US$294.8M with imports at US$463.6M.She said that the country’s presence at the international level of commerce, coupled with the global requirement for legitimate businesses to confirm the authenticity, legality and financial standing of those local companies with whom they may wish to trade, has created a need for supporting mechanisms that provide reassurance and drive business confidence.In the developed world, this is easily accomplished by using one of the many credit reference agencies that manage risk in transactions.Creditinfo Guyana, she said, is able to bridge this gap, with its two decades of considerable experience in developing credit markets, and its strategic local access to financial statements, annual reports, registration data,Carlos Gonzalez Rockies Jersey, and other information from a wide cross section of data portals to create what is known as its Investigated Business Report. Through its network of credit agencies and partnerships with risk management experts throughout the world, Creditinfo Guyana is able to support and accredit its local companies in global enquiries that ultimately lead to international trade.Mrs Semple-Joseph reiterated: “Like we said before, the need for local businesses to gain credibility is equally as important as companies we do business with. For Guyanese citizens and local businesses that also have a demonstrated need for the same type of information, the company stands ready to fulfil its mandate to the market. Further, should someone wish to procure the same data on foreign companies, Creditinfo Guyana is able to supply a credit report on any company, in any country – anywhere in the world through the SeeRisk Product.”With Creditinfo Guyana endorsed by Government, falling under the Central Bank,Mike Montgomery Cubs Jersey, the executive said that the credit bureau system is a valuable tool for financial sector development and by extension, national economic development.“What this therefore translates to… for the average person and business, is that Creditinfo is able to deliver a suite of products that facilitate access to financing for both businesses and individuals,Brett Hundley UCLA Jersey, as well as a number of tools to support the advancement of the local financial sector and international trade.”We will stop here for now. Creditinfo has furnished us with interesting details about what it does.Next week, we continue. Please do enjoy the week and don’t forget to drop those emails to [email protected] or call weekdays on 225-8491.