BASSETERRE, St. Kitts, CMC—The Eastern Caribbean Central Bank (ECCB) says legislation regarding the establishment of a credit bureau has been passed in all member countries of the sub-regional Organisation of Eastern Caribbean States (OECS).
The ECCB, a central bank for the sub-regional grouping, said that one of the main objectives of introducing a credit bureau in the region is to make accessing credit and finance more accessible for the citizens and residents of the Eastern Caribbean Currency Union (ECCU).
The ECCU member countries are Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.
Legal Officer at the ECCB, Roland Moore, said the credit reporting legislation ensures a structured framework for order to be established among the ECCU countries.
He said it also outlines the roles and responsibilities of the parties involved, including the credit bureau service provider, financial institutions, and consumers.
As per the legislation, the ECCB holds the regulatory authority over any credit bureau service provider in the ECCU, which is currently EveryData ECCU Ltd.
Moore further explained that this legislation will enable citizens and residents to access credit in a timely manner and fully utilize the advantages of credit reporting.
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