Agreement with the Georgian Distributors’ Business Association
In February, 2017 an agreement was made between Creditinfo Georgia and the distribution companies (members of GDBA). More than 40 distribution companies – members of the Association will be using the services of Creditinfo Georgia which will contribute to securing their business from risks.
At this stage the distribution companies will get access to the information on defaulted and overdue financial obligations while they will also have to send the information about the overdue/ defaulted obligations of the business entities they work with, to the credit information database. Such exchange of information will be very helpful in the process of making deals or/and selling the goods on consignment.
It should also be mentioned that sending the information about the business entities to the credit information database by the distributors has to be accomplished in compliance with the Law of Georgia on Personal Data Protection. For this purpose the distribution companies shall undertake to obtain their clients’ consents on processing their data and including them in the credit information database.
Now there are more than 18 million records in the credit information database of Creditinfo Georgia, which includes the data on 2,5 million physical persons and 70 000 legal entities. In future the distribution business entities might be enabled to use the positive database of Creditinfo Georgia which includes information about due payments. Accordingly the distributors will be able to upload the information about due payments of their clients. That will contribute to significant increase of product sale and general development of the field.