The members of the Bankers Association of Saint Lucia take this opportunity to advise customers and the general public of the introduction of a credit bureau in Saint Lucia for the collection, assessment and dissemination of credit information on current and potential borrowers. The credit bureau is expected to support more efficient, consistent, and responsible credit assessments.
A licensed credit bureau, EveryData ECCU Limited, has commenced operations in Saint Lucia. EveryData ECCU Limited is licensed by the Eastern Caribbean Central Bank and incorporated under the Companies Act of Saint Lucia. The bureau will support financial institutions in Saint Lucia and across the wider Eastern Caribbean by facilitating the responsible and efficient exchange of credit information.
Under the Credit Reporting Act, 2023, member financial institutions are authorised to obtain and share credit information through the licensed credit bureau. When assessing applications for credit, financial institutions may now reference relevant credit information available through the licensed credit bureau, as permitted under the Act.
This enhanced framework is intended to:
- Protect the integrity of the lending process by promoting responsible borrowing and lending;
- Reduce the risk of over-indebtedness;
- Improve efficiency in the processing of credit applications; and
- Reduce the cost of borrowing
All customer information will be handled securely and confidentially, in strict accordance with the Credit Reporting Act, 2023, and applicable data protection and confidentiality requirements.
Customers are encouraged to maintain sound credit practices, as repayment behaviour and overall credit history will play an important role in credit assessments, which will impact access to credit and the cost of borrowing. Customers will also be able to access their own information and rating from the Credit Bureau.
This joint notice reflects the collective commitment of the members of the Bankers Association of Saint Lucia to transparency, fairness, and efficiency in credit decision-making, while supporting a strong and well-regulated financial system in Saint Lucia.
Source: thevoiceslu.com
