NASSAU, BAHAMAS — The local real estate segment could see a “considerable” impact as a result of the country’s credit bureau, according to one local realtor.
Matt Sweeting, 1 OAK Bahamas’ chief executive, told Eyewitness News: “I think the credit bureau could have a considerable impact on the industry. The banks are using a metric that utilizes a debt services ratio and, depending on your income versus expenses, determines your ability to purchase.
“The credit bureau will now allow for greater transparency among all lenders.
“Now, off book loans are now going to be on books and will have a great affect ability on one’s ability to purchase. Persons might have loans with multiple institutions and withhold that information from another lender, but now everything becomes more transparent.”
On Tuesday, 1OAK will host a webinar in association with CRIF, Drewber and the CFA Society on the credit bureau and real estate. 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 back in January 2020.
Sweeting said: “We connected with the organization establishing The Bahamas’s credit bureau. There have been discussions on the credit bureau but we have not had a real discussion yet on the effect it will have on real estate.
“We know this can affect someone’s ability to purchase real estate and other things. We [want] to bring some awareness to the issue so that buyers can be mindful of how they act in this new arena of financial reporting.”
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