Business Tips: How to Maintain & Manage Client & Loan Information Our monthly business tips can be described as being pieces of information that can be used as 'quick reference guides' to increase your knowledge and understanding of various aspects within the credit arena. We hope that you find it to be insightful and of value to your organization. For this month’s business tip we will discuss how to maintain client and loan information and also investigate what is required for a client loan information system. We will also discuss ways of managing the data.
Compuscan to be Direct Host of NLR Data! Up until now, Compuscan has been a secondary provider of NLR data, which means that we buy the data from a primary / direct data host and then resell it. As expected, it has been a dream of ours for many years to become a primary or direct host of the NLR. With that said, the time has finally come! Our dream has come true!
Greater Protection for SA Consumers; Greater Duties on Your Business The Consumer Protection Act will have an impact on all businesses and will radically change the way we do business in South Africa. All suppliers of goods and services will need to take note of the new measures and ensure that they are able to comply once the Act becomes effective.
New Debt Management Software - Scorto Ample Collection Compuscan and Scorto, an international decision management and credit scoring solutions provider, are proud to announce the next evolution in collections and accounts receivable mitigation technology. Scorto’s debt management software - Scorto AmpleCollection has been upgraded and now includes improved flexibility and more intuitive user interface options.
Proloan Premium Collections Exporter If you have not yet signed up for Proloan’s Premium Collections Exporter you really should consider it.
Premium Collection Exporter is an export utility, to help you with the filtering of pay-roll deductible loans.
Invite to join Compuscan at 5th Biennial Micro Finance Summit Join Compuscan in attending the definitive technology event for micro lenders, credit providers and micro finance institutions taking place from 19 - 20 May 2010 at the Emperors Palace in Johannesburg.
All You Need to Know About the SAFPS South African Fraud Prevention Service’s SAFPS is a section 21 (not for profit) company which is funded by its members annual subscriptions. Its primary objective is to provide fraud prevention data-sharing services to the credit & business industries. By becoming a member you can make a difference in the fight against fraud and also protect yourself and your business against fraud and identity theft.
Business Tips: The Litigation Process for Debt Recovery Our monthly business tips can be described as being pieces of information that can be used as 'quick reference guides' to increase your knowledge and understanding of various aspects within the credit arena. We hope that you find it to be insightful and of value to your organization. For this month's business tip we look at the litigation process for debt recovery.
Compuscan, the Official Sponsor at the BFI Expo 2010 in Uganda Compuscan Uganda is the official sponsor at the 2nd Banking, Finance & Insurance (BFI) Expo 2010 which will be taking place from Thursday 25th - Saturday 27th March 2010 at the Lugogo Main Exhibition Hall in Kampala, Uganda.
Did You Know Proloan Supports All 11 National Languages? Doing business in a country with 11 national languages can sometimes be a daunting task especially when making sure your borrowers understand and abide by the terms and conditions of credit agreements. Proloan takes this headache away, by supporting all 11 national languages!
Get Credit Life Insurance via Proloan Protect the credit that your extend and earn commission by offering your clients credit life insurance via Proloan. Credit Life Insurance protects you, as the credit provider and your client in the event of certain insured events, such as death, disability, or legitimate retrenchment. The full outstanding balance of the loan will be paid to you and the borrower’s family will be protected from inherited debt upon the occurrence of such an event.
Make Sure You Are Secure! Due to an increase in employee fraud in SA, it is of utmost importance to make sure that you follow the recommend procedures in this article on a regular basis when it comes to Proloan and changing your passwords.
New Loan Manager for SMME Loans Compuscan and Scorto, an international decision management and credit scoring solutions provider, are proud to announce the next evolution in decision support systems for lending to small and midsized businesses. We have expanded our scoring and decision management software to include this segment and branded it as Scorto Loan Manager SME.
Please Note: Limited Period to Recover Debt Prescription can be defined as the role that the passage of time plays in enforcing certain rights.
Due to a number of questions received from our clients, this article clarifies the role prescription plays within the credit industry.
SMS Your Clients via Proloan! We at Compuscan have great news for all our current and prospective Proloan clients! Our new integrated SMS module for Proloan was released in February 2010. You will now be able to send out payment reminders, statements etc. to all your clients.
It’s Ready! The New Proloan SMS Module! We at Compuscan have great news for all our current and prospective Proloan clients! We will be releasing our new integrated SMS module for Proloan on the 3rd of February 2010!
2nd Microfinance & New Technologies Summit Compuscan Direct will be attending the 2nd Microfinance & New Technologies
Summit (MFNT) from 11 - 12 March 2010 at the Royal Mirage Marrakech Hotel,
in Marrakech, in Morocco after the inaugural event held in India in 2008.
The Experts Behind Compuscan Direct Compuscan Direct, a credit bureau software and consultancy provider for new
market initiatives has expanded into countries such as Nigeria, Bangladesh, the
Caribbean (Jamaica) and Iran. By heading directly into these specific developing
regions our credit bureau initiatives are gaining exposure. Our experts are
increasingly getting in touch with these vast markets to ultimately offer our
esteemed services in the future.
CreditScan, Partner with Compuscan Direct October 2009 – Compuscan Direct, a leading Credit Bureau solutions provider in
Africa, entered into an equity, support and technical provision agreement with
CreditScan limited Nigeria. They will partner with CreditScan Nigeria by
providing superior information technology that will form the backbone of its
service infrastructure. This technology will give CreditScan's customers/clients
access to innovative credit management tools and software products to deal with
the obstacles involved in making risk decisions within the credit industry.
3rd Time in a Row! Compuscan at the podium again in Kenya Compuscan will be presenting at one of East Africa's leading conferences for the financial services sector, the AITEC's Annual Banking & Mobile Money Conference, at the Kenyatta International Conference Centre over 24 - 25 February 2010 for the 3rd successive year.
Business Tips: Negotiating a Payment Arrangement with a Debtor Our monthly business tips can be described as being pieces of information that can be used as 'quick reference guides' to increase your knowledge and understanding of various aspects within the credit arena. We hope that you find it to be insightful and of value to your organisation. For this month's business tip we look at how to negotiate a payment arrangement with a debtor.
Compuscan Cares - Donating Soccer Balls to the Village Kids In the spirit of Christmas and the Soccer World Cup 2010, Compuscan donated soccer balls to the disadvantaged children of The Village Kids Nursery School in Garden Village, Somerset West as part of their annual school ready graduation ceremony.
Compuscan on the Top 10 for African Financial Service Technology Products of 2009 Compuscan has been selected as one of the Top 10 African Financial Service Technology Products in Africa for 2009 by the 'FinancialTechnologyAfrica.com' editorial team due to our success in Uganda with the new biometric financial card ID system.
Invitation to Attend MFSA Contact Sessions 2010 It is with pleasure that we invite you to join Compuscan in attending this year's MFSA Contact Sessions 2010. This year's sessions will be held earlier in the year due to the Soccer World Cup. We urge all credit providers in the micro finance industry especially to attend these meetings.
Please Note: Logo to Be Changed in Credit Check - 2 August 2009 We are excited to introduce our new logo to the Compuscan Credit Check
application! Please note: We have scheduled the change for the 2nd of August 2009.We want to reassure you, as our valued Credit Check client, that despite the updated sleek look, Credit Check will continue to offer the same trusted functionalities. Besides the face lift, it's still what's on the inside that counts!
Read on to find out more.
Still working on Marshall? Last Chance to Switch to Compuscore! Compuscan's first version credit bureau credit score, Marshall, will be discontinued or de-activated on the 19th of July 2009. You have the option to convert your existing Marshal Score Card to Compuscore at the same price until 19 July 2009 or you can choose to cancel your subscription to Marshall Score Card. Please read on to find out more about our brand new, highly predictive credit bureau score, called Compuscore.
Don't Want to Read through a Credit Report on Credit Check? Wouldn't it be great if you could have a tool in Credit Check that could
automatically filter though all the credit information on a credit report for
you to extract only what you need in order to make a credit decision for a
specific loan product? Now you can, with Compuscan's new smart automated Rule Based Decision Matrix, called Codix. Read on to find out more.
Compuscan Attends Credit Bureau Workshop in Mongolia Compuscan attended a conference in April 2009 in Ulaanbaatar, Mongolia hosted by the IFC, the Mongolian Bankers Association, and the USAID-funded Economic Policy Reform and Competitiveness Project for Mongolian commercial banks, the Bank of Mongolia, the Financial Regulatory Commission, members of the Mongolian Parliament, business associations, and other stakeholders. Over 100 participants learned about global trends and best practices in credit information and regulatory issues, and discussed the challenges of establishing and operating a credit bureau in Mongolia.
The Results of Finmark Alternate Data Study FinMark Trust, an independent African Trust which aims to promote and support
the objective of increasing access to financial services for the un- and
under-banked in Africa, decided to fund a research study to find out if the use
of non-traditional consumer behaviour data can be used to assess excluded
marginalised borrowers for their inclusion into the credit market. Read on to find out what the results of their study were.
Learning Resource: The Impact of the Matrimonial Property Act on Contracts A credit provider needs to be aware of the marital status of all debtors who
are personally liable for the debts incurred, i.e. consumers, partners, sole
traders and members, directors or shareholders who have signed a personal
guarantee for the debts of a close corporation or a company. The "type" of marriage that a debtor has entered into will indicate which
estate may be attached or sequestrated should the need arise. Read on to find out more.
Compuscan Direct launches Bureau Rule Engine Compuscan has launched the Bureau Rule Engine (BRE), a solution specifically
developed for Credit Bureaus that wish to implement a flexible rule engine
tool which is able to deploy a Credit Bureau Score rapidly, offering a tailor
made service to its customers.
Compuscan Hosts Contact Sessions in Botswana: Surviving the New Regulation! Botswana will soon introduce new credit regulations for micro lenders which
will bring an end to unscrupulous business practices by instilling much stricter
affordability; business practices; much like the NCA has done for South
Africa.Compuscan traveled to Botswana from 1 - 3 June 2009 to host 3 contact
sessions together with the Non Bank Financial Regulatory Authority (NBFIRA), the
Micro Lending Association Botswana (MLAB) & RealPay to discuss ways to
survive the new the up-and-coming legislation in Botswana. Read on to find out more.
Compuscan's Business Credit Reports Compuscan's business credit reports summarise critical information about a company. It enables you to: Decide whether to do business with a company; Quickly and intelligently assess the business risk; Avoid surprises from current customers when you review them for credit increases & Quickly determine whether you can confidently make a credit decision concerning your new customer or if further investigation is needed.
Notice – Please remember to adjust interest rates on Proloan The repo rate has been adjusted again and is currently at 9.5%, with the prime lending rate of banks at 13%.
It is important for our clients who grant unsecured loans and secured loans to adjust the percentage interest that may be charged on these loans according to the following formulas of table A of regulation 42 of the National Credit Act. Please read on to find out if you are calculating your interest correctly on your secured and unsecured loans.
Interview with the MD of Compuscan Uganda Office – A year down the line It has been a year already since Compuscan's initial roll out of Uganda’s first credit bureau in Uganda. Time really flies fast! We thought it to be a good time to catch up with Mike Malan, Managing Director of Compuscan Uganda, to find out how thing are going in Uganda and how he has experienced it all.
Learning Resource: Collecting when a Company Crumbles This article deals with how a creditor can collect outstanding debts from their
debtors. In today’s current economic conditions companies are defaulting on
their payments. A strategy needs to be formulated to assess the warning signs
and implement an action plan to be first in line to receive payment.
What if Making Credit Risk Decisions Was as Easy as a Click of a Button? With Compuscan's detailed information and innovative credit management solutions it is! As a full service credit bureau, our underlying, superior technology and data forms the backbone of our service, providing you with access to innovative tools and products to deal with the obstacles involved in making risk decisions within the credit industry. Read on for a short summary of our all-in-one decision making solution offering.
Compuscan Attends Micro Finance Africa Summit 2009 Compuscan attended the 'Micro Finance Africa Summit 2009', hosted by AMC International at the Southern Sun Hotel, OR Tambo International Airport in Johannesburg from the 23rd of February 2009 until the 25th of February 2009.
Compuscan Chosen to Conduct Alternative Data Sources Study Can the problem of financial exclusion of marginalised borrowers be changed through using non-traditional credit assessment data in SA? FinMark Trust, an independent African Trust which aims to promote and support the objective of increasing access to financial services for the un- and under-banked in Africa, decided to fund a research study in SA to answer the above question and Compuscan, one of SA's leading credit bureaus, was chosen to conduct the research study for them.
Invitation to Attend MFSA Contact Sessions 2009 It is with pleasure that we invite you to join Compuscan in attending this year's MFSA Contact Sessions 2009. Credit Providers in the Micro Finance Industry especially are encouraged to attend these meetings.
Compuscore Proves to be Stable Lenders using generic credit bureau scores rely on the bureau supplying the score to consistently monitor and maintain the score. Compuscan have undertaken to monitor the stability and strength of the Compuscore on a regular basis. Read on to find out more about a recent analysis of Compuscore.
Compuscan's All-in-One Decision-Making Solution Tired of conducting tiresome affordability studies and administrating the endless paperwork of credit applications? Compuscan now offers a total solution for making the best possible business decisions by automating it all for you. We have combined a credit bureau score, decision matrix and a credit application processing system, giving you as the credit provider complete peace of mind in terms of your credit risk decisions
Facts on Fraud: Cheque Fraud Compuscan has decided to bring training to our many, many valued clients in the form of monthly information pieces in our newsletter. These pieces can be used a 'quick reference guides' and will prove to be insightful and promise to increase your knowledge and understanding of various aspects within the credit arena. In previous newsletters we provided information on the importance of creditworthiness and affordability and during the months to come, we would like to provide you with some facts on fraud. Last month we highlighted application fraud. This month's article continues with cheque fraud.
The Debt Collection Process The collection function within financial organizations can make the
difference between a good performance for the business and an excellent
performance. By making use of opportunities to make the collections processes
strategically effective, operationally efficient and customer orientated, an
organization can expect the collection function to add significant value to the
business. In this article we will answer several questions regarding the debt
collection process and its importance.
Compuscan moves to New Building to Better Serve Clients A new year brings new resolutions, a new beginning, and a fresh start. For Compuscan, a new year brings a brand new building, which means improved capacity to serve our clients more resourcefully! Read on to find out more about this exciting new addition.
Important Formulas – Adjusting Interest Rates on Loans The repo rate is currently at 11.5%, with the prime lending rate of banks at
15%. It is important for our clients who grant unsecured loans and secured loans
to adjust the percentage interest that may be charged on these loans according
to the formulas of table A of regulation 42 of the National Credit
Act. Please read on to find out more.
Facts on Fraud: Application Fraud Compuscan has decided to bring training to our many, many valued clients in
the form of monthly information pieces in our newsletter. These pieces can be
used a 'quick reference guides' and will prove to be insightful and promise to
increase your knowledge and understanding of various aspects within the credit
arena. In previous newsletters we provided information on the importance of
creditworthiness and affordability and during the months to come, we would like
to provide you with some facts on fraud. Last month we highlighted money
laundering fraud. This month's article continues with common banking fraud.
2008. What an incredible year it was! Without a doubt the year 2008 has been an extremely busy and enormously successful one. Subsequent to Compuscan becoming an affiliated member of the Credit Providers Association (CPA) in 2007, we have grown into one of South Africa’s 3 largest full service credit bureaus in 2008! Definitely something to feel very proud of!
Compuscan South Africa Establishes Compuscan Direct According to Mr. Remo Lenisa, Managing Director of Compuscan, “Compuscan have developed a scalable, portable and resilient credit bureau platform that we are now able to use as a standard platform to ensure rapid deployment of credit bureau solutions in any new market. In addition, we offer exceptional consultancy service to our partners, sharing the management know-how and diverse operational experience we have gained across the diverse lending markets of Africa.”
Equinoxe turns to Compuscan Direct to Develop Credit bureau Solution to Boost Senegal Credit Industry Compuscan Direct, a subsidiary company of Compuscan South Africa, has signed a Memorandum of Understanding with Equinoxe, a company based in Dakar specialised in data protection, security and credit evaluation, to develop a full credit bureau solution to expand the credit industry in Senegal and the West Africa Region.
Facts on Fraud - Money Laundering In previous newsletters we provided information on the importance of creditworthiness and affordability and during the months to come, we would like to provide you with some facts on fraud. In this month’s learning resource we are going to look at only one aspect of the subject of fraud, namely money laundering.
Monitor Your Borrowers’ Movements and Actions with CompuWatch In the current credit climate, you want to manage your customers more responsibly and ensure that you have visibility of timely and accurate intelligence to make informed customer decisions. ‘CompuWatch – Triggers & Alerts’, formerly known as the ‘Change and Conflicts Log’, is a real-time alert service which flags at-risk borrowers so that you can act quickly to prevent loss before you are exposed to it. Read on to find our more about this innovative solution.
Reduce your credit application turnaround time with XCellerator XCellerator automates credit application processing by employing workflow techniques to control and monitor the different steps in the application process. It uses technology to reduce the delays and inefficiencies in handling paper documents by electronically capturing applicant data and making credit decisions based on your specific business rules.
Re-branding of our software systems! Please take note that due to our new logo and re-branding process, our system
interfaces' will be re-branded during the course of the next 2 months.
Compuscan South Africa Establishes Compuscan Direct Compuscan South Africa, a leader of credit management solutions in Africa,
announces the establishment of Compuscan Direct. Compuscan Direct's value adding business proposition is to provide expert advice and software solutions to prospective Credit Bureau Operators. According to Mr. Remo Lenisa, Managing Director, "Compuscan have developed a scalable, portable and resilient credit bureau platform that we are now able to use as a standard platform to ensure rapid deployment of credit bureau solutions in any new market. In addition, we offer exceptional consultancy service to our partners, sharing the management know-how and diverse operational experience we have gained across the diverse lending markets of Africa.
The New Consumer Protection Bill The New Consumer Protection Bill is set to provide an encompassing framework in
order to protect the South African consumer against unlawful, unfair and
discriminatory practices of the consumer market. The market may be transformed
by this bill and consumers may have more rights than ever before.
Combat Fraud within Your Business! By making use of fraud related data, sourced from the South African Fraud Prevention Services (SAFPS) you can protect your business from fraud.
Compuscan is the gold sponsor at the Credit Risk Africa Conference in Kenya Compuscan and Score Sharp (Compuscan's Scoring & Analytics Consultancy
Partner) will be attending and presenting at the Credit Risk Africa Conference
as a Gold Sponsor on the 3rd and 4th of November 2008 at the Hilton Hotel in
Nairobi, Kenya.
Determining a consumer’s creditworthiness and affordability Credit Worthiness is an important business and personal asset each person has
to manage. This article explains how one can determine a consumer's creditworthiness and affordability, in other words, a consumer's ability to repay debt.
Using the 7 C's of Credit to Review Credit Applications CSTI has decided to bring training to our many, many valued clients in the form of monthly information pieces in our newsletter. These pieces can be used a “quick reference guides” and will prove to be insightful and promise to increase your knowledge and understanding of various aspects within the credit arena.
CompuScore to Replace Marshal Score Soon! We have great news for current Marshall Score Users! Our new credit bureau score called, CompuScore, will replace the Marshall Score during September and October. Please read on for more information.
Staying Compliant - Adding EDO fees to the credit agreement is illegal - August 2008 Over recent weeks, certain entities have informed credit providers that it is
"acceptable" for a credit provider to reclaim EDO payment administration fees
from consumers by adding these fees to the credit agreement. Neither the
National Credit Act (NCA) nor the applicable Regulations make provision for
these claims.
Invitation to join CompuScan at MFSA Conference & AGM 2008 It is with pleasure that we invite you, as our valued client, to join
CompuScan at this year's MFSA Conference & AGM 2008 on the 5th of September 2008 at the Woodhill Country Club, Garsfontein Road, Pretoria.
MFSA Notice - CIO Levy Fees Increase We have been advised by the Credit Information Ombud that microlenders’
subscriptions are insufficient to meet their share of the costs of running the
CIO.
CompuScan Short Listed for the CIO’s Lungisa Best Credit Bureau Award! CompuScan was extremely proud to have been short listed as one of two finalists in the Best Credit Bureau category for the Isabel Jones Lungisa Awards 2008. The Isabel Jones Lungisa Awards, presented by the Credit Information Ombudsman (CIO), was designed to encourage Credit Providers and Credit Bureaus to provide a quality service when resolving disputes arising from credit information to credit receivers.
Proloan Ensures Compliance with NCA – Early Settlements By using Proloan’s new ‘Settlement Statement’ functionality, you are ensured of being 100% compliant with Section 108 of the NCA. Read on to find out more about this value added functionality.
Automate Your Credit Decisions with Codix Are you tired of filtering through all the credit bureau information on a credit report? Are you spending valuable time checking the credit information manually to see if a credit applicant qualifies for a specific loan product?
CompuScan has developed an incredible tool, called Codix, that will enable you to make faster, more accurate credit risk decisions based on your specific bureau rules. Read on to find out more about this innovative product.
The Importance of Affordability Studies in SA's 'Best Month Ever! The role of the NCR in the next few months will be considered an important one as it will be busy ensuring acceptable lending practices. With the multitude of increases to follow this month certain consumers may turn to credit providers to help with their basic monthly needs.
Put Credit Scoring to Work within your Business with the new CompuScore In order to drive your lending decisions and derive the maximum power out of the new CompuScore, we recommend that it is calibrated to your data. Read on to find out more about what this process entails and how it can benefit you.
Client Feedback on the use of our new CPA data! It has been more than 2 months since our new CPA data has been made available to our clients! We were curious to find out what they think of the new data and the new layout of the data. We called a few clients and here is what they had to say.
RealPay – One of the Most Advanced Collection and Payout Solutions in Africa! As an Industry first RealPay launched RealPay Payouts on 16 April 2008. This functionality allows micro financiers to get rid of high risk cash kept at their branch outlets limiting the risk of armed robberies, cash in transit heists, internal fraud, high shop fitting costs, lower insurance cost on cash.
CompuScan introduces brand new Scorecard - The CompuScore We at CompuScan always strive to provide you with the best possible means to improve the efficiency of your loan evaluations. With our new credit scorecard, called CompuScore we can offer you just that!
CompuScan now offers Credit Life Insurance! CompuScan, in collaboration with Real People, brings to you a dynamic credit life insurance product, designed to protect both you and your clients from unforeseen events.
Frequent Back-ups in Proloan a Necessity with Current Load Shedding in SA! With regular load shedding that is currently taking place in South Africa, all Proloan clients must remember to make back-ups on a frequent and regular basis! You can loose valuable data if you do not remember to do this. You cooperation in this matter would be greatly appreciated.
CompuScan at Credit Indaba CompuScan will be attending the Credit Indaba hosted by the Institution of Credit Management of Southern Africa (ICM) at the Sandton Covention Centre in Johannesburg on the 13th and 14th of May 2008.
The Importance of Accurate Data submissions Regulation in the form of the National Credit Act , the raising interest rate cycle and the increase in fraudulent activity has meant the accuracy and integrity of data held by the a credit bureau has become of critical importance to credit providers. In turn it is the responsibility of credit providers to ensure that the data that they report to credit bureau is accurate and up to date so as to reflect the true credit profile of a consumer.
How does the increase in the Repo Rate (RR) affect micro finance credit providers As you know the repo rate (RR), which is the interest rate at which the Reserve Bank lends money to commercial banks, affects the entire economy, specifically the credit industry. On 10 April 2008 Mr. Tito Mbuweni raised the repo rate for the umpteenth time in the past months. When the National Credit Act took force on 1 June 2007, the repo rate was 8.50% and today it is 11.50%.
Free Access to Detailed (Full) CPA Consumer Credit Information CompuScan was accepted as an affiliate member of the Credit Providers Association (CPA) (formerly known as the Consumer Credit Association (CCA)) on 1 April 2007. We would like to provide you, our most valued clients, with detailed (full) CPA data, at no additional cost on every CompuScan and NLR enquiry until 30 June 2008 in order for you to see the value of this data
