Tuesday, February 11, 2020

Credit scores by early 2021

Gowon Bowe

Bahamian consumers have at least another 12 months to get their financial matters in order, as the first credit reports under the new Bahamas Credit Bureau won’t be issued until early 2021.

Credit bureau and business information company CRIF S.p.A. formally launched the bureau two weeks ago, signaling that start of the data collection period.

This data collection period is expected to take some time as the bureau gathers information on each and every credit holder in The Bahamas.

“It’s anywhere between nine and 12 months before the first credit report will be able to be issued. Because under our legislation here, you have mandatory participants, meaning the financial institutions, so all banks and lending institutions that are formally regulated. But there are a number of other institutions that are going to be encouraged to come on board so that you build that capacity,” Group Chief Financial Officer of Fidelity Bank & Trust International Limited Gowon Bowe, who was also on the selection committee for the credit bureau operator, told Guardian Business yesterday.  Read more >>