Central of The Bahamas Governor John Rolle provided an update on the bank’s credit bureau while speaking at a recent quarterly press briefing.
Rolle told reporters the onboarding of various businesses is still taking place and assured the bureau is beneficial to borrowers. He said, “for once a borrower can tell, in a consolidated fashion, what information exists on their credit history and in the process clean up any inaccuracies in the record. So I think that’s very important. In the past, there was such a thing as a credit reference letter that you could get when you were getting a loan from one institution versus another. But it really didn’t say much compared to what is factual contained in the credit bureau database. So it is beneficial for borrowers and its really intended to empower borrowers particularly now that they can provide more factual evidence of their creditworthiness and they can use that, in many cases, to negotiate better interest rates from lenders.”
The Central Bank’s first credit bureau was launched in 2020.
