Jamaica could get first credit bureau by end of fiscal year

Bank of Jamaica working to facilitate the set-up of two, maybe three credit bureaus in Jamaica.

KINGSTON, Jamaica, Thursday, August 30, 2012 - 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 fiscal year.

This is according to Bank of Jamaica (BoJ) governor, Brian Wynter, who made the disclosure as he spoke at the BoJ’s quarterly media briefing recently.

The government, 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 CRIFF NM Credit Assure Limited (CNM-CAL).

Wynter said, “we are expecting at least one of them (institutions), if not both, to begin operations before the end of the year. That’s our expectation at the moment, based on what they (entities) have been doing, and the various steps required to commence."

The Act and Regulations provide the legal framework for the establishment of credit bureaus in Jamaica, and the sharing of credit information between specified bodies. The Bank of Jamaica, which is the designated supervisory and regulatory agency, has responsibility for reviewing applications and making recommendations to the Minister of Finance and Planning.

Deputy governor, Gayon Hosin, who also spoke at the briefing, informed that a third application was submitted recently by another entity, and is currently being reviewed. “We also have indications of others, with intent (to apply). So, we expect, based on what we have been advised, that there will be others,” she said.

On the duration of the application review process, she said this will take a relatively short period of time, once the application includes all of the relevant information required.

Hosin pointed out that so far, the process has been fairly engaging, as the process is new to Jamaica. Hence, the BoJ has been flexible in accommodating applicants by facilitating them with a reasonable amount of additional time to complete the attendant antecedents.

"So, rather than refuse an application outright (because it may be missing certain information), we indicate what more is needed, once the application comes in the format that is required under the law."  Click here to receive free news bulletins via email from Caribbean360. (View sample)