Government has gone to parliament with a bill to create a National Credit Bureau.
It will allow financial institutions and other businesses to share information on the debt obligations and credit worthiness of people seeking loans.
Minister in the Ministry of Finance Ryan Straughn today introduced the Fair Credit Reporting Bill in the House of Assembly.
He says that while it will allow people who are creditworthy to get loans more easily and at lower cost, it will also protect some people from themselves by preventing them from taking on more debt than they can afford.
He explained why he thinks this is necessary.
The new law will allow people’s credit information to be obtained not just from commercial banks and other financial institutions but also from the utility companies, businesses that offer hire purchase and other entities with which individuals and businesses do financial transactions.
