Business
Jamaica moving closer to establishing credit bureaus
At least one of the entities that have been granted licences to operate in Jamaica as credit bureaus could start up by the end of the 2012/13 financial year.
A credit bureau system would allow banks in Jamaica better understand their customers in order to price their loans to reflect the risk of the individual.
The government of Jamaica, through the Ministry of Finance and Planning, has granted licences to two entities to operate credit bureaus locally, since the passage of the Credit Reporting Act and related Regulations, between 2010 and 2011. These are: Creditinfo Jamaica Limited, and CRIF NM Credit Assure Limited (CNM-CAL).
The general manager of CRIF NM Credit Assure Limited, Robert Gordon, last week revealed that the core of the credit bureau’s operation, a new data center, will open for business and go live in New Kingston in October this year.
