Creditinfo Jamaica Limited (CJL) is well on its way to fulfilling its mandate of creating a database of local borrowers.

The group opened its corporate offices on The Tower in New Kingston on Friday.

CJL tells companies whether their customers are likely to repay money they owe, through credit reports, credit scores, insurance searches and financial risk management services.

The company seeks to make it easier for people with good credit histories to get unsecured loans by making the market more efficient and transparent.

Banks currently face a default rate of 8.9 per cent, which drives up the costs for other borrowers.

The regulator, the Bank of Jamaica, is overseeing the project under the Credit Reporting Act 2010.

The six organisations which have signed up with the CJL are Access Financial Services Limited, Bank of Nova Scotia Jamaica Limited, Development Bank of Jamaica Limited, Fast Cash Finance Limited, Niche Financing Limited and the Student’s Loan Bureau.