– The service provider will provide a credit analysis that guarantees the best use of the funds
The study will determine consumer market trends and opportunities
Targeted analysis helps in building a borrowing decision and avoiding default
Al-Rai learned from informed sources that the credit information network company SciNet is preparing to link up with medium and small companies that wish to provide credit inquiry and analysis services to individual borrowers, in an effort to contribute to reducing bank credit risks and building more disciplined credit decisions.
It indicated that it is planned to grant the companies that will be licensed in this regard permission to access the personal credit information base, after the client’s permission, as happens with local banks and finance companies, but this time in order to provide a credit analysis to the client and not to the creditor for the amounts he plans to borrow.
She pointed out that this move comes within the framework of SciNet’s work strategy towards developing credit inquiries and analysis, while providing job opportunities for medium and small companies, by linking specialized entities to their credit network, and then providing their services more broadly and with a higher capacity than at present.
granting a loan
The sources provided a simplified explanation of the service that would result from linking the specialized companies providing this service to the SciNet network, as they indicated that activating this service means, in principle, benefiting from the personal credit information available on the SciNet network that is legally defined, noting that accessing such These companies of the customer’s credit base will be conditioned on the consent of the customer himself.
She stated that the second step will be to identify the purpose of granting the loan, as well as the history of the credit applicant’s banking transactions with other banks, in order to help these companies prepare a comprehensive credit analysis of the client’s financial position, showing the best appropriate credit practices for him, in terms of the value of the loan he needs. , in comparison with the rate of his income, and the percentage of deducting the monthly installments, whether it is according to the rate set by the Central Bank of Kuwait, or at a lower rate, which helps him avoid the problem of his credit default.
In the sense that this type of company, after reviewing the credit base of the client, will present a credit scenario that suits each client’s income and needs. This will also include providing visualizations of the opportunities in the market that can be exploited for investment, specifically if the target loan is for the purpose of investment, as it will be done within the context of the analysis. Credit advances determine consumer trends in the recent period.
However, thanks to this service, the client will be able to obtain an ideal guidance for investing his borrowed money, in line with market determinants and consumer trends, and thus will be more able to take credit decisions away from deviation and high risks.
The sources pointed out that these companies will provide more than one service to the customer who wants to borrow, the first of which is a credit analysis, and secondly, to provide a market study, and thirdly, that these companies, by virtue of their access to the credit base and communication with banks and their information on the credit market, will be able to provide the client with a recommendation of the bank that can That the client borrows from him at the lowest possible rate, through its knowledge and its collected database of the average interest rates traded in the market.
In this case, the customer will not be obliged to carry out negotiating rounds with all banks to learn about the loan that he can obtain, or the interest that he has to pay on the amounts he wants. With the provision of this service, he will be presented with an integrated map of recommendations, including the bank that must His fiduciary relationship is with him.
On the other hand, this service provides a double benefit other than the role it will play in improving the credit decision, and this service will help support the business of medium and small companies, in a way that helps stimulate them, and further improve the credit services provided to the customer.
More comprehensive study
The sources pointed out that “Scinet” has reached advanced stages regarding the application of this service, aiming to be easy, smooth for the customer and shorter in time, indicating that the matter has been studied, in a good technical and technical manner, so that the service provider can obtain all the information about the customer’s credit account, And then providing a more comprehensive credit study to the client, enabling him to take a decision that ensures the best use of the borrowed funds.