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XDS CREDIT BUREAU LTD XDS
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CREDIT BUREAU – A REAL ESTATE APPLICATION

“Loads of wrong-doing can be carried out anonymously, put a face on the mask of anonymity, provide sanctions for wrongdoings and you will have a structure that is orderly and systematic.” (O. Peters 2014)

Mortgage lenders usually check credit reports in order to evaluate past payment history. But real estate owners and landlords usually don’t, especially in Nigeria. However, in today’s society, it’s unsafe to just give the keys to a tenant without thoroughly checking the past history of the potential tenant and a credit report is a crucial aspect of your inquiry or your prospective tenant is completely anonymous to you and the next landlord.

The usual threat of eviction is no longer effective, tenants already know the legal system and understand what they can get away with. However, by adding the influence of exposure of bad or delinquent tenants “to the credit world”, Credit Bureaux will be able to prevent unpaid rent, damage of property and lease agreements that have been broken.
However there is still more to be done in terms of compliance, due diligence and integration, if for instance at the start of the lease agreement, prospective tenants are informed that in the event of default, unpaid rent or damaged property, it will be reported to a credit bureau.

Once the tenant gets notification that they have taken an apartment and now registered on the Credit Bureau database, they will most likely want to pay their rent on time, respect the terms of the lease, and carefully maintain the property. However, in the event that this does not work with some tenants, as soon as a tenant breaks the lease agreement or damages the property, such tenant is reported.

The information poured into this Credit Bureaux systems will benefit both past and future landlords because Credit Bureaux will report any negative credit information on tenants; as such other landlord may not engage with such delinquent tenant until such tenant rectifies the poor credit record. Consequently previous landlords will be able to collect from past delinquent tenants after reporting on the tenant negative credit. (As cited by Real Estate Solutions 2017)

In a two-day event, which was themed: ‘Collaborating, innovating and growing to achieve adequate and affordable housing delivery in Nigeria’, professionals discussed the issues that affect the industry and the Chairman, Credit Bureau Association of Nigeria, Mrs. Mobolanle Adesanya, described the role of Credit Bureaux as an important factor in any ‘potential credit transaction’. Adesanya, who is also the Managing Director/Chief Executive Officer, XDS Credit Bureau Ltd, advised participants to employ the services of Credit Bureaux for credit information on prospective buyers or partners, and save them from fraudulent transactions.

See more informative insight on our weekly posts that presents analytical insight into risk monitoring practices on a wide range of issues, and provides broad and in-depth perspective that are designed to encourage discussion both internally and externally. For other information, contact us at info@xdscreditbureau.com or call +23414534908. XDS… First and Truly Independent.


References
Real Estate Solutions (2017) ‘Credit Reporting’ [Online] Available from: http://www.msres.com/credit-reporting/ [Accessed 03:10:2017]

Punch (2017) ‘Stakeholders seek improvement in real estate investments’ [Online] Available from: http://punchng.com/stakeholders-seek-improvement-in-real-estate-investments/[Accessed 03:10:2017]

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Work life balance

Trying to empty me out, filling me with yourself – screaming in my head you‘re lost, leaving me with little or no time to think, endless time devoted to empire building of institutional minds, yet the fruit of my labour are stipends and not mine to bear, individuality lost in the perpetual routine of daily monotony and drudgery called – Work (Olalekan Abass 2014)

The above view may indicate the dilemma of an average working class individual who feels drowned in daily pursuit of work ethics. But ironically ‘working’ is what pays the bills, no individual no matter how august; can afford to live in perpetual state of rest or laziness even if he/she was Einstein someone has to foot the bill.

Work therefore is usually defined as mental, emotional or physical effort done in order to achieve a material result, such as work done on a painting, a building, a direct corollary then is that workers such as artist sell art to get paid, builders sell labour to get money, owner of the building may also lease to obtain more money – as such money is a common denominator.

The question becomes if money is the payback for work, how much time should be spent making money or how much money should an individual make? It is argued that human needs are insatiable, it other words all the money in the world may not fulfil the greed of just one human. However many people still make work a huge part of their lives, allowing it take over their lives in today’s fast-paced, global environment, and if we do not guard ourselves against work–life imbalance, there could be increasing work–family conflicts and stress resulting from long hours and workload escalation.

A lot of people spend a lifetime pursuing success at work but not at home without understanding that it doesn’t necessarily guarantee a happy life and one may affect the other when proper balance is not attained. Take a credit report for instance – it does not tell happy stories of proper work life balance, it tells a credit rating story, it tells you whether an individual is performing financial, but doesn’t tell you if that individual suffers a sick marriage, or barely has time of his/her kids, the irony is that personal relationship issues tend to affect work sooner or later.

Work-life balance is simply a concept including proper prioritizing between "work" (career and ambition) and "lifestyle. Work-life balance helps us to become healthier, enjoy happier life and productively than usual. At XDS Credit Bureau. Our team of IT and Customers support staff have adopted models and other analytic tool that establishes a clear correlation between personal and demographic details and credit and financial details, plug in to our database for latest credit analysis research tools and method that simply makes you in work more efficiently and productively.

Kindly see more informative insight on our weekly posts. Our post presents analytical insight into risk monitoring practices on a wide range of issues, and provides broad and in-depth perspective that are designed to encourage discussion both internally and externally. For other information, contact us at info@xdscreditbureau.com or call +23414534908. XDS… First and Truly Independent.


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Value of Money, Time and Risk (Series 2)

Our last post ended with the question “What is the value of time?” it was answered with thoughts and remarks such as: A mother that gives birth to a pre-mature baby at eight (8) months will appreciate the value and not necessarily the price of another month. The child who fails to see his dead father appreciates the value of another week. The runner who wins a marathon with a three (3) seconds lead appreciate the value of seconds.

Time as a game of numbers may suggest that life and its entirety revolves around time, the value of reaching out now, or doing something now is not necessarily the same as doing it later. Strangely analyst calculate and develop models and formulas for money and risk such as the price of money in terms of money - interest rate or even the value of money such as present and future value, but there are no models or calculation for the value of time in terms of time.

Unlike time, price provides a more objective estimate whilst time lies in the subjective realm, the use and appreciation of time is treated differently by countries and individuals, some countries are more time-oriented than others, within the same country no two persons see the value of time the same way, while one individual may enjoy playing candy crush with his or her time another may prefer watching CNN. The question becomes which of the two individual makes the most of his or her time or more succinctly which individual values time more? This will likely receive subjective answers.

But it is agreed that time is considered vast, humans like to think they have so much time, this illusion gives a sense of abundance rather than scarcity, and to the human mind; if it is not scarce it may not be too valuable – it is for this same reason humans value diamond more than water, even though water is essential for survival (Forbes 2008)
The worst thing on earth for man is the loss of time. Because by wasting time, we cannot acquire anything; by losing time, we lose everything, we even lose ourselves - A large segment of the people live as if by guesswork with little concerned for what they did with their time.

At XDS we understand that a loan paid on time in not just in vain calculation of accrued interest or status classifications: such as performing, sub-standard, watch list, doubtful or lost. But also in due consideration of time and its reflection on the individual or business report. We have develop our models to consider time duly and developed product such as scoring – Our latest product X-SCore Report considers the influence of time on loan repayment.

Our time consideration skills also extends into other areas of client management that provides the necessary skills and additional insight. See other informative insights on next week’s post.

For further information, insight and/or enquiries contact us at info@xdscreditbureau.com; visit our website: www.xdscredditbureau.com or call 08178377643.



Forbes (2008) ‘The Price Of Time’ [Online] Available from: http://www.forbes.com/2008/02/28/economics-time-price-oped-time08-cx_pm_0229maidment.html (Accessed 06:03:2016)
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Value of Time (Series 1)
What is time really worth? How much is money really worth or how much risk is considered risky?

The value of money just like the value of any currency or good is determined by the relative acceptance (in demand and supply of that given money) therefore if nobody accept or need ones money as a medium of exchange, the demand dips, at a constant rate of supply more money will be available and the value drops.

Most often, money is more valued than time, if a man loses N1,000,000 he grieves but there is nothing like grieving for time, save for regrets which may unfold later slowly – as such one may witness old age with a sad nostalgia of wasted past times of youth.

For most people risk calculation is usually connected with losing money and not time. The value of risk, commonly expressed as VAR is associated with measuring financial risk within a time frame (Only considering time, probably because human can’t live forever) the question becomes what is the measure of time risk? Or in lay terms the risk of not doing something at a particular time with or without consideration for a given financial state?

Of the three components (Money, time and risk) time is usually the least valued, yet without time life itself means nothing and may reach a certain end; with time man can acquire money, wealth, wisdom and all of man’s business is conducted by time. Regard for time is usually in absurd connectedness with money, such as payback period, salaries etc.

What is the value of time without necessarily relating to money? In other words what is the value of time and not the price of time? all too often time has to be filled with activities such as working, leisure or humans get bored, expressing time in relation to money is counter-intuitive, As one may decide to either make or spend money with time; however with clichés like “time is money” ascertaining the true value of time becomes difficult. What then is the value of time?

See our answers and other informative insights on next week’s post- Value of Money, Time and Risk (2) for further information contact us at info@xdscreditbureau.com; visit our website: www.xdscredditbureau.com or call 08178377643.
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#QuoteForTheDay “Success seems to be connected to action.Successful people keep moving.
They make mistakes, but they don't quit”
~Conrad Hilton
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