CREDIT REPORTING BILL, 2017

Published: Thursday November 16th, 2017

CREDIT REPORTING BILL, 2017

 A bill for an act to provide for a fair and accurate credit reporting system within the financial system in order to assure objective credit decisions; to enable credit information sharing and reporting; to provide for the regulation of the conduct of credit reporting and credit reporting services; to provide safeguards for data protection for customers of credit providers and for connected matters.

OBJECTS AND REASONS

 The purpose of the Bill is to introduce for the first time a legal system of credit reporting within the financial system in The Bahamas to enable credit information sharing and reporting and thereby facilitate objective credit decisions by financial institutions and other credit providers. The Bill provides for the regulation of the conduct of credit reporting and credit reporting services, including the licensing by the Central Bank of credit bureaus, and institutes safeguards for the protection of the data of customers of credit providers.