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D&B has been selected as the strategic partner of the Egyptian Credit Bureau, "iScore", to implement a world class Credit Bureau solution in Egypt.
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D&B's emerging markets focus and experience in delivering Credit Bureau and Data Management Solutions worldwide made it the natural choice to partner iScore in this effort.
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Mr.Mohamed Kafafi, chairman of iScore advised that Dun and Bradstreet will assist in the set up of the Credit Bureau to meet the highest international standards. The contractual agreement was signed during the month of Aug. 2006 and the Bureau is expected to become fully operational during the third quarter of 2007.
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Mr. Mohamed Refaat El-Houshi, Deputy Managing Director, The Egyptian Credit Bureau said,"The establishment of the Bureau complements the market thrust to promote better risk management and to improve transparency within the thriving local economy". |
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D&B will offer its entire suite of Data Management products, Bureau Operationalization Services, CreditVerdict (the Credit Bureau product) and other Management Consultancy Services to support data collection and operation of the Credit Bureau. This Technology and know how will be owned, organized and managed by the Egyptian Credit Bureau.
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"Given tremendous growth potential in the financial and retail sectors, the establishment of the Bureau is indeed vital for the economy. The Credit Bureau will enable creditors to reduce turnaround time for credit decisions and provide higher level credit to deserving borrowers at more advantageous rates, while reducing the incidents of defaults and non-performing assets" commented Mr. Mohamed Refaat.
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Mr. Mohamed Refaat added, "The formation of the Bureau is the result of a significant initiative launched by the Financial Institutions, heavily supported by the Banking community and the Social Fund for Development in its drive to help the financial community create a neutral platform to better assess the risk inherent in lending endeavors".
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Mr. Refaat ended his comments by enlisting the continued support from the financial community essential for the success of this national project.
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"D&B has spearheaded the establishment of numerous bureaus globally. Our experience in other developing markets proved the positive contribution of the establishment of the Credit Bureau in facilitating and enhancing the Countries' economic growth" Said Mr. Rajesh Mirchandani, Chief Executive Officer, Dun & Bradstreet SAME Ltd.
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Mr. Mirchandani added: "The Credit Bureau aims to serve both the consumer and SME market segments by providing comprehensive, up-to-date information on borrowers".
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The Bureau will maintain a database of this information and provide Credit Information reports (CIRs) to its Members, which will include financial institutions, Mortgage Finance, Insurance, Credit Card Companies, Mobile Operators and eventually financing based suppliers of Goods & Services".
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