International Housing Finance Limited (IHFL), a major housing finance provider in the country, joined the Data Sharing Programme of Vital Information Service's Credit Information Services (CIS).
IHFL, under the said programme, provided CIS its negative clientele data for sharing it with CIS's other member institutions which includes names like National Bank of Pakistan, Union Bank Ltd, Orix Leasing Pakistan Ltd, and others.
In 2000, CIS had launched its Data Sharing Programme (DSP) enabling its members to share their negative clients' portfolio on give-and-get basis. Under the said program, members pool in their information in CIS's central data pool related to their default clients.
In addition to DSP, CIS also offers searching facility in its Cross-Directorship and Public Negative Information. The latter data base contains information on individuals and businesses digitised from several leading dailies and other independent sources since January 1996.
Public negative information includes notices of court cases, property auctions, defaulter lists etc. At present, a number of banks, leading companies, modarabas, and industrial concerns are utilising these programmes on regular basis.
All databases of CIS are searchable online via the internet.
CIS has always relied upon local development resources and all its databases and searching facilities are indigenously developed by its in-house team which also developed VUSTA Application, the recipient of AQ Khan Laboratories' award for Best Commercial Software-1998'.
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