The Eastern Caribbean Central Bank (ECCB) has issued a license to CreditInfo ECCU to begin providing credit reporting services in the Eastern Caribbean Currency Union (ECCU) beginning in the first quarter of 2023.
Credit reporting is a system of collating information from various sources, such as: banks, credit unions, other credit providers and government agencies, on an individual’s credit history. This information is made available to lenders with the consent of borrowers to allow lenders to determine their creditworthiness. Credit reporting enables lenders to make responsible decisions in relation to who is granted credit and the terms under which it is offered.
The ECCB views the work of the credit bureau as critical to improving the ease with which people in the region can access finance and as a means of increasing credit inclusion. Credit reporting will make the loan application process simpler and more efficient as credit providers will be able to access the applicant’s history from a central point. It will also allow individuals or businesses seeking credit, to use good credit history as a form of collateral.
The first phase of the credit bureau’s operations will involve commercial banks and credit unions.
For more information on credit reporting, visit www.eccb-centralbank.org/credit.
