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Additional regulations introduced to protect credit holders

The Central Bank of The Bahamas (CBOB) has clarified in the recently tabled Credit Reporting Regulations, 2019 additional measures to protect credit holders once The Bahamas’ first credit bureau is established.

According to Chairman of the Clearing Banks Association Gowon Bowe, the major changes to the Credit Reporting Act allow credit holders access to their own information, provide a means by which credit holders can challenge incorrect information attached to their credit standing and protect the sharing of an individual credit holder’s information.

“We clarified that effectively persons are going to have the ability to look at the information relative to themselves, and there will be at least one annual free credit report that’s going to be provided to every

individual,” Bowe told Guardian Business this week.

“Secondly, if there are errors or areas of dispute, there’s a dispute mechanism to ensure that there is accurate information that is being reported. And thirdly, persons aren’t going to just be able to access your report because they would like to know about you. You would have to give consent to institutions that you are seeking credit from.”

The regulations were tabled in the House of Assembly last month.

Italy-based credit bureau and business information firm CRIF S.p.A. (CRIF) is in the initial stages of becoming the licensed operator of the country’s first credit bureau after being selected by CBOB in January, with company officials making initial visits to country to meet with various input providers for the credit bureau, Bowe said.

“As you can imagine, a large part of it is going to be physical location and staffing, but more importantly the establishment of their systems, the interface of the institutions that are going to feed information back into them, whether it be banks and other financial institutions,” he added.

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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