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Credit bureau lauded, though some concern about impact on new car sales

There is some concern about the effect the introduction of The Bahamas’ credit bureau could have on new car sales, President of the Bahamas Motor Dealers Association (BMDA) Fred Albury said yesterday.

Speaking to the media following a press conference at the Ministry of Labour, Albury said the credit bureau will be a good thing for The Bahamas, though he contended there is a bit of concern on the impact it could initially have on new loans, especially for the auto sector.

Despite this, Albury lauded the fact that the credit bureau will now hold Bahamians to account for the money they borrow from lending institutions.

“Consumers are now going to have to live up to their responsibility to maintain good credit worthiness in order to get better interest rates and better terms,” he said.

“Too long have consumers been getting away with things out there. I think the credit bureau initially might have some impact but in the long run, after we’re educated about it and how it works, it will be a good thing out there.”

Last week The Central Bank of The Bahamas (CBOB) announced that it invited Italian-based CRIF S.p.A. to apply for the license to establish and operate The Bahamas’ credit bureau.

The company bested two other qualified firms that also submitted proposals to the Central Bank for consideration. CRIF has a presence in more than 30 countries in the Caribbean, Europe, North America, Africa and Asia. It established the CRIF Information Bureau Jamaica in 2011.

According to its website, CRIF is an independent company with 90 percent of its capital held by founding members, management and the remaining 10 percent by various credit institutions.

The company specializes in credit information systems, business information and credit management solutions.

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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