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Network
Solutions
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Background
The Bahamas’ Credit Bureau Project (the BCB Project) was launched by the Central Bank of The Bahamas in 2010 for the purpose of establishing a national credit reporting system in The Bahamas. A credit bureau is a key component of a properly functioning credit reporting system, the primary function of which is to provide banks, other financial institutions and lenders which are not financial institutions, with additional tools to evaluate the creditworthiness of borrowers. The project launch followed extensive dialogue with the Government, the commercial banks and other private sector stakeholders. The goal of the BCB Project is the establishment of a legal, regulatory and technical framework for a national credit reporting system in The Bahamas, which can support a credit bureau.
To that end, the Central Bank, with substantive assistance from the International Finance Corporation (IFC), has produced draft legislation in the form of the Credit Reporting Bill, 2014 and the Credit Reporting Regulations, 2014. In March 2018, the Parliament of The Bahamas pass the Credit Reporting Act, 2018 and the legislation became effective April 30, 2018.
Copies of the Credit Reporting Act, 2018 and the accompanying Consultation Paper may be found here.
See Key parameters of the legislation.
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The proposed
Credit Reporting
Legislation
contains provisions which:
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Protect consumer rights​.
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Establish the rights and obligations of the credit bureau, its users, and the organizations that supply information to the bureau.
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Provide clear guidelines on the kinds of information that can be collected. Information must be relevant, accurate, and meet the quality standards prescribed in the legislation.
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Require the proper use of consumer information.
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Facilitate comprehensive information sharing (positive and negative information sharing).