And with those words by the President of the Senate Reginald Farley, the Fair Credit Reporting Bill was signed into law paving the way for the establishment of government’s new national credit bureau.
But even as the bill was being debated, Brady Clarke, the long-time operator of a local credit check agency called for its implementation to be delayed.
Mr. Clarke the founder of the Caribbean Credit Check, later rebranded as Caribbean Credit Info tells Starcom Network News the national credit bureau would mean the demise of his operation with the loss of jobs.
Managing Director of Caribbean Credit Info, Kim Lewis, also fears the business will be forced to close.
Managing Director of Caribbean Credit Info, Kim Lewis.
During her contribution to the debate on the Fair Credit Reporting Bill opposition Senator Crystal Drakes complained about what she saw as overly high commercial bank interest rates on credit cards and other loans.
She called for greater regulation of commercial banks.
Another opposition Senator Caswell Franklyn said he supported the bill because it might save some people from themselves and from what he considers to be the predatory lending policies of commercial banks and credit unions.
