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Did you know that even before the Fair Credit Reporting Act was passed, there were already credit bureaus operating in Barbados? If that was the case, what’s the point of introducing credit reporting legislation?
“We’ve had credit bureaus and credit reporting for a while, but with a greater emphasis being placed on security of information and security of personal data… it was necessary to have regulation as to how personal information of individuals and financial information will be treated, and how persons will be protected.”
In the final instalment of a three-part series on Barbados’ Fair Credit Reporting Act (read parts one and two), Elson Gaskin, Bank Secretary at the Central Bank of Barbados and co-chair of the working group that advised on the drafting of the Bill, details the Bank’s role in regulating credit reporting activity in Barbados and how borrowers’ information will be kept safe.