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“Credit reporting is the use, collection, and disclosure of credit information to help financial institutions and those involved in credit transactions engage in responsible lending.”
In the first of a three-part series on Barbados’ new Fair Credit Reporting Act, attorney-at-law Sherise King, who was a member of the working group that advised on the drafting of the legislation, provides an overview of the Act, explains whom it applies to, details what kind of information will be collected, and reveals the benefits of having legislation that codifies credit reporting.