NASSAU, BAHAMAS — If you’re thinking about getting a mortgage, a local financial expert suggests taking a peek at your credit report before you dive into the application process.
Nathaniel Butler, a managing partner of Drewber Solutions, while speaking on a panel at the inaugural Bahamas Real Estate Exchange (BRX) event sponsored by HG Christie, noted that a borrower’s credit report is an important item to consider before starting the home-buying process if seeking financing.
“Before we even look at a home and drive around, it’s important to understand that when we interact with sellers and financial institutions, it’s a numbers game. Sometimes, people get so caught up in one item that they don’t consider the costs of certain aspects,” he explained.
He added: “I would tell anyone to first begin with the credit report. I can’t tell you how many transactions I was a part of in the past year where there was an account or card or loan that was paid off, but the credit report still showed it as outstanding. Now the deal can’t go through, and the bank rejects it.”
It was noted that every Bahamian over 18 is entitled to receive a free copy of their credit report each calendar year. The CRIF Credit Bureau has been present in The Bahamas since 2020, intending to provide a world-class credit bureau and related added-value services.
CRIF collects credit information from Credit Information Providers (CIPs) authorized under the Credit Reporting Act, including banks, credit unions, building societies, and microfinance organizations.
This information is validated and transformed into factual and usable credit reports, which credit grantors and other approved users then use to assess an individual’s or company’s creditworthiness for loans, mortgages, and a variety of other purposes within the framework of the Credit Reporting Act 2018.
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