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The recently passed Fair Credit Reporting Act will not introduce credit reporting to Barbados, as such activity already exists. Rather, it will regulate and broaden the system.
This was explained by Elson Gaskin, Bank Secretary at the Central Bank of Barbados and Co-Chair of the technical working group that consulted on the Bill. He was speaking during a discussion on the call-in programme Down to Brass Tacks:
“The system of credit reporting [in Barbados] is not new. It is something that has been around for over 20 years…. There have been two credit bureaus in existence for a number of years, one a bit longer than the other. But the purpose of the Act is to properly regulate the system of credit reporting, which as I said, has existed in a limited way. And as part of that regulation, the access to credit information will be broadened… there will be a broader scope for collection of credit information in a safe and secure way.”
Gaskin was joined on the programme by Attorney-at-Law Sherise King, who was also a member of the technical working group, and Professor Justin Robinson of the University of the West Indies.
Listen to the discussion below.