ECCB issued a license to CreditInfo ECCU to begin providing credit reporting services

By ECCB

The Eastern Caribbean Central Bank (ECCB) has issued a license to CreditInfo ECCU to begin providing credit reporting services in the Eastern Caribbean Currency Union (ECCU) from December.

Credit reporting is the process of collecting the credit history of an individual or business from sources such as banks, credit unions, government agencies, hire purchase firms and other credit institutions, to assess the credit worthiness of the applicant.

CreditInfo ECCU will undertake this work in the ECCU.

The ECCB sees the work of the credit bureau as critical to improving the ease with which people in the region can access finance.

Credit reporting will make the loan application process simpler and more efficient as credit providers will be able to access the applicant’s history from a central point.

It will also allow individuals or businesses seeking credit, to use good credit history as a form of collateral.

The first phase of the credit bureau’s operations will involve commercial banks and credit unions licensed by the ECCB.