BANDAR SERI BEGAWAN – Autoriti Monetari Brunei Darussalam (AMBD) will be able to develop more accurate credit scores using telco data following the signing of separate participant service agreements with Datastream Digital (DST) and Progresif.

The agreements will allow AMBD’s credit bureau to gain access to the two telcos’ customer credit information and their payment behaviour, the central bank said in a press statement recently.

The telcos will submit their customers’ credit data, which the bureau will use to generate a telco credit report.

The report provides information transparency about consumers’ creditworthiness and whether they pay their telco or utility bills in a timely manner.

A credit report usually includes an individual’s credit score based on information such as level of debt, credit limits and payment history.

AMBD said the collaboration with the two telcos will expand the details in the credit report to include non-traditional information such as utilities (water bills, electricity, phone bills), or retail lending.

Such information can then be used to complement the existing banking information.

Non-traditional information also provides financial institutions and telcos access to their customers’ creditworthiness.

The companies may use this information to design new financing or telco products more suited to their target market and encourage positive financial behaviour among their customers, the central bank added.

Managing director Hjh Rokiah Hj Badar signed the agreements on behalf of AMBD while chief executive officers Radin Sufri Radin Basiuni and Hjh Nurul Haniah Hj Md Jaafar represented DST and Progresif, respectively.

Since the credit bureau opened its membership in 2012, its members consist of all licensed banks and financial companies in Brunei Darussalam.

Other data providers include the Department of Electrical Services, Housing Development Department, Bank Usahawan and telcos.