News
$1million bad debts recovered in 2007 through the Credit BureauData Bureau recovered a historical $1million in debts that was loaded by its members. Todate, the Credit Bureau has over 60,000 debts listed. 80% of the debts are doubtful debts, legal cases and write offs. 2008 will be an exciting year, as credit providers start to realise the necessity of information sharing as the only cost effective strategy for combating bad debts.
Data Bureau Launches New Look
Data Bureau launches a brand new logo, website and new system.
The new software system was developed by Insoft International of New Zealand and was launched in October, 2007. It has exciting new features and enhancements, some include:
- improved user efficiency
- additional reporting mechanisms
- controlled security levels
- reduced workload carried out on clients behalf, resolving difficulities faced by users etc.
- a shift of responsibility from the Credit Bureau to its clients in terms of security levels for their users, authorisation of users, training of users, etc
The logo and website were created to reflect the sophisicated software system now in place.
World Bank Awards Data Bureau Limited
Data Bureau was awarded for their efforts in contributing information to an initiative setup 4 years ago called, "Doing Business." Handing over the award were Mr Federic Bustelo and Mr Oliver Lorenz of the Financial and Private Sector Development. Data Bureau has been contributing statistics of the Credit Bureau and its exeperiences with the private sector and government for the past 4 years.
Believing in the System
A member of the Credit Bureau has recently slashed his debt collection team to a third after significant results showed that the Credit Bureau was recovering more debts than his staff , on a monthly basis. After weighing out the costs involved with the Credit Bureau (no cost for debt loading ) against the cost of the resources and equipment in his office, left him no doubt that the Credit Bureau was truly effective.
Closed Market on Consumer Information
The Credit Bureau has secured all credit providers such as the banks, financers and hire purchases that provide credit/finance to consumers. This means that a consumer would have to clear their debts before trying to obtain credit. It has a proven record that this mechanism is working, after collecting over $1million in 2007 on debts loaded by its members.
