Credit Reporting Legislation Passed in all ECCB Member Countries
As part of ongoing preparations for the establishment of a Credit Bureau, legislation has been passed in all member countries of the Eastern Caribbean Central Bank (ECCB).
One of the main objectives of introducing a credit bureau in the region is to make accessing credit and finance easier for the citizens and residents of the Eastern Caribbean Currency Union (ECCU).
Speaking on this week’s episode of ECCB Connects, Legal Officer at the ECCB, Roland Moore, says the credit reporting legislation ensures that there is a structured framework for order to be established among the ECCU countries. It also outlines the roles and responsibilities of the parties involved, including the credit bureau service provider, financial institutions and consumers. According to the legislation, the ECCB is responsible for regulating any credit bureau service provider in the ECCU, which in this case is EveryData ECCU Ltd.
Moore points out that as a result of the legislation, citizens and residents will soon be able to access credit in a timelier manner and capitalise on the benefits of credit reporting.
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