Círculo de Crédito has participated in the 2022 World Consumer Credit Reporting Conference (WCCRC), in Barcelona, Spain.
This after almost four years since the last of these summits was held in India. And there have been many transformations since then in the world of consumer credit reporting.
As the only international event that focuses specifically on credit reporting, it seeks to address the key issues facing those involved in credit granting and credit reporting.
The participation of Circle of Credit
In this sense, Alejandro Cardini, director of products at Círculo de Crédito, and Juan Manuel Ruiz Palmieri, general director of Círculo de Crédito, participated in “The changing dynamics and the role of credit reports”, a WCCRC 2022 forum where They provided valuable points of view on the objective of the company they represent to work in favor of financial inclusion.
“Because one of the company’s objectives is to increase people’s quality of life through credit,” they said.
Círculo de Crédito is a regulated credit information company, which provides strategic data to confer more action capacity to any company in order to crystallize profitable financial services in Mexico.
And it provides this data to financial intermediaries so that they can know if a person requesting a loan is going to pay or not. And this is where the issue of financial inclusion comes in.
“We work hand in hand with financial institutions to help Mexico become an attractive market for agents or investors from all over the world,” they detailed.
The goal is to activate the economic potential of the country
Many times, according to Alejandro Cardini and Juan Manuel Ruiz Palmieri, the economic potential of countries like Mexico is held back because a broader base of people who are candidates for credit is needed. This accompanied by a background of mistrust on the part of customers.
“Many consumers do not trust financial institutions and in particular credit bureaus, they have the idea that they can affect their lives; so we have the challenge of providing them with clear information and financial education so that they can integrate into the world of credit”, they explained.
Círculo de Crédito has invested in various information technologies. Among them, its Open Finance offer stands out, a suite of digital solutions with which the consumer can securely share access to their information and better profile themselves before credit analysis. This data can, for example, be your cell phone rate payments or debit card deposits.
The goal, according to both directors, is that Mexicans have the opportunity to share extra financial information, to strengthen their credit profiles and, in this way, access better opportunities for economic and personal growth.
“We have to humanize finances and credit data. All behavior has a context, and when there are no information points that explain that behavior, we can reach the wrong conclusions. Given this, Círculo de Crédito is creating a data ecosystem that allows understanding the consumer’s context when making financial decisions: this will lead us to a fairer and more humane credit environment. We have the mission of promoting the consumer and protecting their information with the aim that they can improve their quality of life”, they proposed at the WCCRC, in Barcelona.
Throughout 19 years, Círculo de Crédito has strengthened more than 30 million Mexicans by bringing them closer to having access to credit by generating a credit history, now it continues to improve people’s quality of life through solutions such as Financial Wellness, a range of financial wellness services that, in partnership with financial entities, aims to provide tools and financial information to take care of people’s credit health.
“What it is about is that more people have development opportunities, putting their information in context, to finally achieve the humanization of credit,” concluded Cardini and Ruiz Palmieri during their participation in the forum.
Approximately 200 delegates from more than 60 countries participated in this edition of the WCCRC, in Barcelona, Spain, representing credit reporting organizations, lenders, regulators and government officials.
It was organized by four of the industry’s trade associations, the Association of Providers of Consumer Credit Information (ACCIS), the Consumer Data Industry Association (CDIA), the Business Information Industry Association (BIIA ) and Alacred.