EDITOR, The Tribune
Why at this time of our economic development, except to assist and do what the clearing banks are supposed to do, do we want to implement a Credit Bureau? Note it was the political guro of the DNA, Johnny Rodgers who proposed this.
So the hundreds who have debts at the Government Education Scholarship Fund will start out big in the negative - how many actually have accounts to start with, might be 20-25,000 … do the Utility Cos report, now that’s a laugh as I suspected 85-90% of all account holders have balances due. Will this not kill any type of entrepreneurship?
This yet again a cough up to the clearing banks on the substantial bad loans their management has given over the years and now they want the Central Bank at the cost of the consumer to clean their mess up…no more no less. It is very well known that a high percentage of the civil service with salary deductions go home with low three-figure salary cheques.
Will this kill the credit economy totally? Your guess, but I suggest this is madness incorporated, Bahamians are not known for paying their bills!
ABRAHAM MOSS
Nassau
January 23 2019
Comments
Sickened 5 years, 2 months ago
Those very few people who will have really good credit scores probably already live in their dream home and drive their nice cars and have plenty of cash in the bank to purchase any new bedroom sets or go on vacation. Plus, I don't think that banks will offer better rates to those individuals, they will simply offer worse rates to the people with worse credit scores. Better rates require lower prime and our central bank refuses to lower our prime rate to the 2% it should have been at for 10 years now.
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