Jamaica Leads the Region in Setting Up Private Credit Bureaus
By: , September 27, 2013The Key Point:
Photo: Michael Shaw
Chief Executive Officer, Creditinfo Jamaica Limited, Megan Deane (left), listens to a point being made by Private Sector Organization of Jamaica (PSOJ) President, Christopher Zacca (centre), during the PSOJ Chairman’s Club breakfast forum at the Jamaica Pegasus Hotel, New Kingston, on September 24, at which she was the guest speaker. Sharing in the discussion is Co-Chairman, Jamaica Bankers Association (JBA) Public Policy and Legislative Committee, Dr. Wayne Henry.The Facts
- Countries such as Guyana are among the territories that have reviewed Jamaica’s framework.
- Latin America has some of the “oldest” established credit bureaus globally.
The Full Story
Jamaica is reported to be leading the way in terms of the establishment of private credit bureaus across the Caribbean.
Chief Executive Officer (CEO) of the island’s first licensed credit bureau, Creditinfo Jamaica Limited, Megan Deane, says there has been a “steady growth” of these facilities throughout the region.
Speaking at the Private Sector Organization of Jamaica (PSOJ) Chairman’s Club breakfast at the Jamaica Pegasus Hotel, New Kingston, on September 24, she informed that countries such as Guyana are among the territories that have reviewed Jamaica’s framework, with a view to either establishing or strengthening their institutions.
“Representatives from Guyana came and looked at our operations (and) they looked at our legislation, which is similar to Guyana’s. I also attended a forum in St. Kitts (and Nevis) with the Eastern Caribbean states last year, where they are looking at how they are going to manage that process,” Ms. Deane said.
“Trinidad (and Tobago) has had a credit reporting regime, but not a formal bureau. They (implementers) work in a closed user group with the banks in Trinidad, but more than likely, with what is happening in Jamaica, Guyana and in Barbados, they are going to be moving to open up that space,” she added.
Beyond the Caribbean, Ms. Deane advised that Latin America has some of the “oldest” established credit bureaus globally, but noted that it was not until the 1990s that they “really took off” in most of the developing and emerging markets in that region. She informed that between 1990 and 2012, “the total number of private credit bureaus more than doubled.”
Creditinfo Jamaica Limited is one of two entities awarded licences by the Bank of Jamaica (BoJ) to operate as credit bureaus under the Credit Reporting Act (2012). It is part of the Iceland-based Creditinfo Group, which has a global network of credit bureaus, inclusive of operations in Europe.
The other credit bureau currently in operation is Crif NM Credit Assure.