Bahamas credit bureau still a work in progress

Bahamas credit bureau still a work in progress
Central Bank (photo courtesy of the Central Bank)

NASSAU, BAHAMAS — The process of establishing the Bahamas’ credit bureau continues,according to Central Bank Governor John Rolle

Rolle told Eyewitness News that its value is even greater now for those who will require credit support when the COVID-19 pandemic abates.

A credit bureau effectively acts as a central database that lenders can use to obtain a more complete, accurate picture of the risk and creditworthiness presented by a particular borrower.

Rolle said: “The process of establishing the credit bureau continues. It provides medium and long-term benefits for The Bahamas that should not be sidelined. The bureau’s value is even increased now for those who will require credit support after the pandemic abates.”

He added: “Although many borrowers will encounter financial difficulties, they should maintain close contact with their lenders, so that their obligations can be managed. The deferral of loan payments should not be seen as a default or blight on their credit record. They will still be able demonstrate their good standing, by honoring their debts, when their incomes recover.”

Back in January, Credit bureau and business information company CRIF a leader in the provision, management, and operation of credit bureaus worldwide officially launched its operations  for the creation of the country’s first credit bureau.