‘Good progress’ is being made on credit bureau, says Central Bank governor – Eye Witness News


45 entities identified as credit information providers

NASSAU, BAHAMAS – Operators of the country’s credit bureaus are making “good progress,” according to central bank governor John Rolle, who recently noted that the entity may soon begin providing information on credit reports to various institutions.

Governor of the Central Bank John Rolle.

Rolle recently told reporters: “The credit bureau operators are having a good setback. They receive reports from banks in the first place and are work with other financial sector entities that will report and utility companies that will report so that they can move to a regular reporting state.

“For all intents and purposes, the bureau is about to start and will soon begin providing credit reports to agencies that have submitted data, which means they are able to analyze the information and provide analysis to these institutions.

A credit bureau effectively acts as a central database that lenders can use to get a more complete and accurate picture of the risk and creditworthiness presented by a particular borrower. While the data collected by that country’s credit bureau will have an impact on an individual’s creditworthiness and personal credit rating, banks – depending on their risk tolerance – will always determine whether to grant credit.

Sherrece Saunders, Deputy Director of the Banking Supervision Department at the Central Bank, while addressing a recent The Citadel Consultants Fraud Prevention Seminar noted that the credit bureau officially went live on April 30.

She noted that 45 entities have been identified as credit information providers.

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