SMEs can leverage on The Bureau's platform to build, maintain and enhance their track record and financial credit standing. The availability of comprehensive, reliable and credible credit information and ratings will also help potential financiers gain a more balanced view of the SMEs credit worthiness. This will in turn, facilitate faster credit evaluations and ultimately increase and speed up financing activities.
Ensure Data Accuracy And Update
The Bureau provides SMEs with a platform that allows them to ensure correctness of their credit related and business registry information as a means of building and maintaining good credit standing. The availability of accurate and updated information at all times is crucial in ensuring that the SMEs' applications for financing will not be jeopardized by incorrect or obsolete credit information. In relations to this, The Bureau also assists SMEs by providing them with an avenue for recourse in the event incorrect data had been provided on the SMEs. Ultimately, only accurate and up to date information are reflected in The Bureau's reports and ratings.
Better Access To Financing
By providing a 'one-stop' access to all the relevant credit information on SMEs, The Bureau will contribute to faster processing of credit applications. Hence, decisions can be made more efficiently and quickly to benefit SMEs. SMEs with good track record can expect to enjoy wider acceptance from financiers and other credit grantors, access financing on more favorable terms and obtain faster decisions on their applications.
Objective Assessment Of Credit Information
The Bureau assists SMEs by ensuring both positive and negative information are included to provide a more objective assessment of credit standing. Through an objective rating process, the Bureau typically accord greater weightage to the more recent credit information and payment behavior. As such, negative records in the past are mitigated by more current and consistent positive track records.
Better Insights To Own Credit Standing
SMEs will benefit from better insight into their own credit standing through the analysis provided by the Bureau's ratings and credit reports. They can use the credit report as a "self-check" tool to identify areas that need improvement and initiate adequate remedial actions for 'credit healing' if necessary. SMEs are thereby empowered to improve their own credit profile.
Promote Good Payment Behavior
Prompt payment to financiers and other creditors is an important criteria for a positive assessment with The Bureau and an indicator of the credit worthiness of the SME. This approach is expected to incentivize SMEs to inculcate a sound credit culture that enhances their eligibility for financing. This ultimately promotes good payment behavior amongst the overall SME community.