PIC Solutions, the largest credit risk management consultancy in the Middle East Africa region, launched their credit bureau score consulting service in Bahrain in order to make lenders increase the effectiveness of their bureau scores.
The credit bureau score is a reliable tool as it is based on past payment history which is highly predictive of customers' future payment performance, in that it rank-orders applicants effectively, and thus improve lenders' decision-making throughout the credit lifecycle. Earlier this year, the Benefit Company became the first Credit Bureau in the Middle East to implement its own score, CrediScore, based on Global FICO score from Fair Isaac. This in turn has grown the demand for credit bureau consulting services significantly in Bahrain, and PIC Solutions, having opened a new office in Manama, their second presence in the Middle East, is perfectly positioned to deliver locally based support to clients.
When used in conjunction with expert consulting from PIC Solutions, the bureau score becomes more powerful still, as PIC Solutions experts have vast experience in the analysis of credit bureau scores, data management, the technology used to streamline the process of using the credit bureau score and the development of risk score cards. PIC Solutions is familiar with the practical aspects of integrating the credit bureau score in banks, and deliver best practice solutions to the complex questions associated with developing strategies in using the score.
Ian Read, General Manager for the Middle East region at PIC Solutions, comments, "The significant growth of our client list is connected to the dynamics affecting the Middle East market that has led to robust growth opportunities for the credit industry. We are pleased that we could assist The Benefit Company with the launch of CrediScore, and also that we can be of service to the banking industry in Bahrain in consulting them in how to optimise their use of the score so they can gain the full benefits from it."
Stephen J. Leonard, Managing Director of PIC Solutions, said, "Our commitment to the Middle East is visible not just through the establishment of a second office in the Middle East which we did last month in Bahrain; it is visible in the success of our clients. PIC Solutions is entirely focused on the delivery of solutions that translate into profit for clients and the best way to do that is by optimising their use of the scores that they will receive from The Benefit Company. We are, as always, committed to strengthen our presence in the region based on providing credit risk solutions that translate into measurable benefits to our clients."