Khaberni - Amid the rapid economic transformations that Jordan is witnessing, Crif Jordan emerges as a pivotal player in developing the lending and financing system, not only by providing financial data for clients and institutions, but also by offering advanced tools that enable banks and financial institutions to make accurate and reliable financing decisions, enhancing transparency and trust in the Jordanian financial market.
The CEO of Crif Jordan for Credit Information, Dr. Ahmed Al-Amoudi, stated in an interview with the Jordanian News Agency (Petra) that the platform is no longer just a tool for inquiring about the credit history of individuals and companies, but has become an essential part of the national financial market infrastructure, helping to reduce risks, lower default rates, and stimulate financing more efficiently and fairly.
He said that our goal is to provide accurate and comprehensive data that enables banks and financial institutions to assess risks scientifically, reduce financing costs, and promote investment in small and medium enterprises, which are the most important segment in supporting the national economy.
He explained that the company has become today one of the main components of the financial infrastructure in the kingdom, where its credit database has grown rapidly to include more than 2.7 million clients, including individuals and institutions, in a development that reflects the expansion of credit activity and the increasing demand for financial inquiry and analysis services.
He emphasized that Crif, which obtained its license from the Central Bank of Jordan in 2016, operates under the Credit Information Law No. (15) of 2010, and is subject to direct supervision from the Central Bank, which oversees compliance with technical and security instructions related to data collection and protection.
Al-Amoudi pointed out that the company represents a comprehensive national platform that connects information providers and users, enhancing transparency and reducing credit risks in the local market, as the system includes 720 information providers distributed among 23 commercial and Islamic banks and 29 microfinance companies, in addition to the three major telecommunications companies, electricity and water institutions, and many government departments such as the Land and Survey Department, Amman Municipality, and Companies Control Department.
The system is used daily by more than 120 financial and banking institutions to obtain accurate credit reports, helping them make financing decisions, where the company issues about 200,000 credit reports monthly, reflecting the growing reliance on data in risk management.
It is worth mentioning that Crif has moved beyond data collection to analyzing credit behavior through advanced algorithms based on artificial intelligence, which allows banks to read repayment patterns and predict the future repayment capability of borrowers, and the company applies a digital rating system that gives clients a credit score ranging from 300 to 850 points, where this index is now a basic standard for banks to determine the level of risk, with the average rating in Jordan being 650 points.
Al-Amoudi mentioned that the expansion of the use of credit data has positively reflected on the financial performance indicators in the kingdom, as it contributed to reducing default rates by nearly 20 percent during the past five years, and raised the financial inclusion rate from 36 percent in 2014 to more than 60 percent by the end of 2023.
He added that the company has helped financial institutions reach new segments of society, especially small and medium enterprises that represent more than 95 percent of the total companies registered in Jordan through building a reliable credit record even in the absence of a long banking history.
The company also stands out for having a unified national database that has enhanced competitiveness among banks, as lenders are now able to price risks more accurately, enabling clients with good credit behavior to receive lower interest rates.
Crif studies showed that borrowers who have a high credit rating (higher than 750 points) enjoy benefits up to 1.5 percent lower than the prevailing market rate, which has increased the demand for structured financing and reduced borrowing costs.
Crif operates according to the Economic Modernization Vision 2033, through launching digital services that facilitate access for individuals and institutions to their credit data, and among the most notable initiatives is the "Know Your Report" service that allows citizens to view their report for free once a year, and the company has also integrated non-financial data such as commitment to paying telecommunications, electricity, and water bills to expand the base of qualified borrowers, especially among groups that do not have a traditional banking history.
Regarding data protection and ensuring transparency, the company adheres to the highest information protection standards, implementing the ISO 27001 cyber security system according to Al-Amoudi, and is subject to continuous supervision from the Central Bank, in addition to periodic external audits to ensure network security and data exchange safety, ensuring that any inquiry process is done with the client's approval or delegation, which enhances trust and confirms the transparency of the system.
He continued, Crif's experience is considered a leading model for partnership between the public and private sectors, as the company was established in partnership between the Crif Group of Italy and several Jordanian banking institutions, and works in cooperation with the Central Bank to expand the use of credit reports in new sectors, such as insurance, housing, and e-commerce, which supports the digital economy and promotes sustainable growth.
Al-Amoudi elaborated that since the establishment of the company until the end of last September, the company issued 10.5 million credit reports for individuals and companies and these reports directly contributed to the provision of 3.6 million loans fully relying on its information, while the database contains more than 12 million loans, and the number of registered clients is nearly 3 million.
In 2024, the number of reports issued reached about (1,869,139 reports), while by the end of last September, it had reached (1,739,558 reports).
The company provides specialized services including: the complete credit report, the scoring assessment for client classification based on the likelihood of default, the credit portfolio alert index, and the group inquiry to monitor groups of clients, and it includes data of returned checks in historical format without listing them as a blacklist, reflecting the company’s transparency and objectiveness.
According to data from the Central Bank of Jordan, the value of loans and facilities granted by banks until the end of last August amounted to about 35.733 billion dinars, compared to 34.604 billion dinars in the same period from 2024, indicating a growth rate of 2.7 percent.
While the value of distressed loans reached about 1.987 billion dinars during the first half of the current year with a slight increase from the second half of 2024 which recorded 1.867 billion dinars.
Al-Amoudi pointed out that each loan is granted based on accurate assessment which leads to a more stable financing environment, sustainable growth, and supports small and medium enterprises, which are the backbone of the national economy.
He affirmed that "Crif Jordan" focuses on developing information security, updating technological infrastructure, keeping pace with developments in financial technology and cyber security to ensure continuity of service at the highest levels of security, which supports sustainable growth of the market and enhances trust in credit decisions, thereby boosting investment in the Jordanian economy and creating job opportunities and increasing Jordan's competitiveness in the region.
