CREDITINFO (Guyana) Inc. is making waves in the Region as Caribbean countries are seeking to pattern local legislation that allows for easy business facilitation through the availability of consumer credit information.
It is understood that Guyana is leading the Caribbean with comprehensive credit information legislation and is now being used as a model to craft regulations that will aid in the accessing of loans through available borrowing mechanisms.
Chief Executive Officer, Judy Semple-Joseph, told the Guyana Chronicle that Guyana’s credit bureau, also called Creditinfo (Guyana) Inc. was granted its operating license almost five years ago on July 15, 2013. Operating under the Credit Reporting (Amendment) Act of 2016, Semple-Joseph said that Guyana is advanced with its credit information legislation. “No one else in Caribbean, except for Jamaica, as far as we know has firm credit related legislation.”
It was explained that some countries, such as Suriname, are now putting credit related information in place. Belize and the Bahamas, she continued, are now putting in the ground work. While Jamaica was identified as having such mechanisms in place, the more lucrative oil producing state of Trinidad and Tobago was said to have a privately operating credit bureau, but no legislation to support.
“Guyana is amongst the earliest in the Caribbean and our legislation is now being used as a model for other credit bureaus. Because of the issues we faced initially, other countries learnt from our lessons and are able to refine their legislation,” the CEO highlighted.
She said that the ultimate aim of Guyana’s Credit Bureau is to facilitate access to financing. This is feasible with the easy access of credit information provided to lending agencies and other financing facilitators. Additionally, it was mentioned that the Caribbean region itself is working on a single credit bureau mechanism, and again, Guyana’s advancement in this area is serving as aid to the regional initiative. Guyana’s credit bureau will be celebrating its fifth anniversary in July and according to the CEO, the agency will be making a bigger print within the country’s business environment. With the country’s lucrative oil finds and an earnest move from a ‘brown’ to a ‘green’ economy, the business environment is expected to change significantly.
Increased financial activity through investment and trade is also expected. It is for this reason that the credit bureau has seen their existence as necessary to facilitate quick and easy access to credit information that will aid in the movement of business activities.
The CEO is adamant that the credit bureau is available to aid every player in the business community since not only would a local investor be able to provide their authentic credit information to a business or potential business partner, but businesses can also rely on the agency that the information being related on behalf of the consumer is credible and accurate based on checks done.
A credit bureau is an entity that collects credit information from lenders and other sources on a consumer. The information is processed and comprehensive credit reports and other value added services are created to be made available to persons who provide information; to the consumers themselves; and with written permission of the consumer, to other persons or entities for specified purposes. Credit information facilitates assessments for lending while providing consumers with information on their credit history.
