Outbound Call Center Featured Article

CRIF Gets Credit Rating Agency Registration

By Rajani Baburajan
TMCnet Contributor

CRIF, a provider of credit management and lending solutions, announced it has obtained Credit Rating Agency (CRA) registration from CONSOB and ESMA (the European Authority supervising securities and markets).

The registration, in accordance with the EC Regulation 1060/2009 dated 16 September 2009, regulates credit rating agency operations on an EU level. CRIF ratings can now be used and are valid in all European Union countries.

This is an important development for the company because it recognizes the quality and robustness of CRIF methodologies, processes and organization, as well as compliance with the strict requirements of the September 2009 European Regulation, according to company officials.

CRIF ratings reflect the creditworthiness of a company and, more specifically, its ability to repay its financial commitments on time in the medium-term. Before issuing ratings to its clients that have subscribed to the service, CRIF informs the assessed company of the rating so that the company can check the accuracy of the data and identify material errors, if any.

Commenting on this achievement, Carlo Gherardi, CRIF CEO, said, “This will further strengthen our position as market leader in credit management services, an area which CRIF has been significantly investing in for years through the quantitative and qualitative improvement of information sources and the strengthening of the analytical skills and financial expertise necessary for an accurate assessment of the credit risk of businesses; from sole traders to large companies.”

The CRA registration is part of a program of growth and continuous investment which, in June 2009, led to the acquisition of the Italian subsidiary of Dun & Bradstreet (News - Alert), the most important operator on a global level in the field of business information, and the formation of a highly specialized company, CRIBIS D&B, within the CRIF Group.

CRIF can now offer completely distinctive services, bringing together unique information assets, robust methodologies and analyses, outsourced engineered systems, and Business Process Outsourcing, software and consultancy services, which are indispensable to financial institutions for the improvement of business management processes throughout the entire credit lifecycle, company officials said.“CRIF has invested, and will continue to invest significantly in its methodologies, tools and business assessment processes,” added Carlo Gherardi, “because we are sure that there will be a growing need within various segments of the market for independent and accurate evaluations of businesses; from SMEs to large-scale companies.”

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