Citibank becomes first customer to subscribe to BIK's credit history services

The Credit Information Bureau (BIK), a private company offering access to a large database of consumer and business credit history information, last Friday signed its first agreement for provision of its services with US-based banking giant Citibank. BIK representatives say that negotiations with other large banks for its services are currently underway and that it is likely that others will sign on soon. BIK's database provides credit history reports about potential borrowers in a matter of minutes and is said will make banks much more efficient in tracking down potential borrowers' credit records. BIK says that borrowers will also be entitled twice yearly to access the information banks collect about them. (Prawo i Gospodarka, p.9)