Chief Executive Officer of Credit Info Jamaica, Craig Stephen is calling on banks to start using individual customer credit reports so persons can access lower interest rates.

Mr. Stephen says this is referred to as risk-based-pricing.

[audio_mp3 url=”https://nationwideradiojm.com/wp-content/uploads/2016/12/Craig-Stephen-lower-interest-rates-December-21-2016.mp3″]

Mr. Stephen says customers are currently offered a standard interest rate based on a portfolio-based-pricing.

[audio_mp3 url=”https://nationwideradiojm.com/wp-content/uploads/2016/12/Criag-Stephen-portfolio-based-pricing-December-21-2016.mp3″]

He says customers with good credit reports are disadvantaged under this system of interest rate pricing.

[audio_mp3 url=”https://nationwideradiojm.com/wp-content/uploads/2016/12/Craig-Stephen-good-customers-disadvantaged-December-21-2016.mp3″]

–30–