Malta Credit Bureau Limited, a joint venture between the Malta Association of Credit Management and the Cyprus-based InfoCredit Group Ltd, has obtained a licence to operate as a credit reference agency (CRA).

Issued by the Commerce Department’s Trade Licensing Unit, in consultation with the Central Bank of Malta, the licence allows CRAs access to data stored on the Central Credit Register (CCR) for issuing credit scores.

Credit reference agencies prepare, assemble and evaluate credit information and related credit and risk management information on legal and natural persons for the purpose of issuing credit scores to be furnished to third parties.

Malta Credit Bureau is only the second CRA in Malta.

It bills itself as a company specialising in credit scoring and other ancillary products for the protection of credit and loan facilities pertaining to Maltese trade creditors and credit and financial institutions alike.

It focuses on providing credit scoring reports “which are crafted to offer deeper insights into the creditworthiness and risk levels associated with potential borrowers or clients” saying that this “empowers companies, credit and financial institutions to make well-informed decisions about extending credit, ensuring prudent risk management practices.”

About the MACM

The MACM is a non-profit organisation owned by its members, together representing a substantial share of the economy.

It was set up in 2001 by a group of major importers, distributors and retailers in the wake of what it describes as “a number of bankruptcies in the retail sector, a slowing down of payments by customers in all areas of the economy, and a large number of dishonoured cheques.”

Its main role is to help Maltese businesses in their credit management by facilitating the exchange of credit information and assisting in the collection of amounts due.