The Tribune

THE Bahamas’ first-ever credit bureau yesterday estimated it now has half the country’s population in its database with all commercial banks and credit unions supplying it with their clients’ files.

Marissa Nixon, the credit bureau’s sales and office manager, told Tribune Business that just three utility companies - Cable Bahamas, REV/ALIV and the Bahamas Telecommunications Company (BTC) - have signed on to provide it with data on their customers.” Bahamas Power & Light (BPL) and the Water and Sewerage Corporation (WSC) have yet to do so.

“I know that it does have an impact on persons gaining access to credit, because now it gives more of a broad view,” Ms Nixon said of the increased data being gathered. “I think it actually will enable persons in our economy to develop themselves financially, and be more aware financially; to be able to educate themselves on how to not be credit dependent, and how to ensure that they have good credit.

“So I don’t think that it’s a bad thing. I think, right now, with the economy as it is, this is a good thing, especially the younger persons who are probably now just coming and accessing credit, or coming out of high school, getting a small credit card to build that credit.

“I think this is something good for our economy, knowing that economically we do have issues regarding debt. But it’s a country project. It’s not that the credit bureau has been put in place to stop you from being able to access credit. No, we want you to access credit responsibly, and know that you can manage it responsibly and this is a way to encourage that and to ensure that.”

The credit bureau’s main role is to provide lenders with greater insight into a potential borrower’s creditworthiness, especially whether they have a strong track record of repaying previous loan obligations in full and on time. Those who display such a history will find it easier to access credits, while lending institutions will find it easier to assess and price risk.

Only registered institutions that have an agreement with the credit bureau can access to a potential borrower’s credit score and rating. Around 50 percent of the country’s population are now included in its database, and Ms Nixon said: “We do not have the entire population, but I think it’s about half. I think we’re almost at half, but I’m giving you the number based on my report done at the end of last year.”