The credit information company ‘SciNet’ is preparing to sign an agreement with the National Projects Fund to establish credit under the agreement, and a new data field to be included in the field of the commercial portfolio of companies and institutions available on the network.
Informed sources told Al-Rai the prospective agreement gives credit policymakers the ability to view the credit initiators’ data, and then assess the creditworthiness of the initiator, within a comprehensive vision, enhanced by more specific data on the credit position of his company.
The sources explained as a result of this link, the credit data of all the initiators who borrowed from the fund will be available on the “SciNet” network, and thus the banks will be able to reveal the true credit position of the initiator if he decides to request a commercial loan from any bank in the future, which means that the defaulting initiator will be deprived of obtaining a commercial loan to his companies unless he amends his conditions.
On the other hand, the sources indicated that the agreement will allow the officials of the Fund to view the credit information of the companies’ portfolio listed on SciNet, which will help them in making a more accurate credit decision with each initiator applying for financing, taking into account his credit history, and this also means that the initiator Those who do not regularly pay their installments with a commercial bank will be prevented from obtaining financing from the fund, and this leads to the creation of a black list of defaulting initiators, whether with the financing agencies or the National Fund.