SLIDE 13 Open Ended Question 11: Financial Inclusion etc.: If your
- rganization feels this issue is important, what are the perceived
needs and their potential solutions?
- Programs to promote bureaus as a positive force in the economy and a credit file as an enabler of
financial freedom
- SME Financial inclusion guideline and practice Consumer financial inclusion guideline and
practice Financial Literacy for Consumer and SME
- Needs: -understand the roles and concrete tasks credit bureau can function in consumer
Education/ Financial Literacy. Solution: - learn the current industry practices in the world and
- rganize related communication activities among credit bureaus in the region.
- On going education, sustained efforts
- Education empowers the consumer Education relaxes regulators Education makes banks and
financial institutions and other credit grantors to act responsibly
- Creating positive public opinion about the credit bureau and role it plays is vitally important.
Negative perception that had been created over a long period has cost a lot in terms of bureau development particular in introducing new products and services for its users. Lenders use credit bureau as a tool in credit and recovery management which set ground for general public to have adverse perception about it. Local market oriented community focused awareness and public
- utreach strategy (something similar to Schufa has presented) would be of use to overcome
this situation.
- I think the key is to establish a comprehensive and holistic consumer education plan and also
how to deliver the plan to the market. It will be a journey and investment.
- Awareness campaigns.
- More educational marketing
- Consumers & SMEs need to be educated in managing credit and the importance of developing &
maintaining a good credit rating.
- Members support in relation to benefit analysis and passing on information to borrowers.
- Promote industry standards and values Help consumers to manage finances
13
