Credit Bureau and Rating System Applauded by Chamber of Commerce

One of the most interesting topics brought out in the news this week is the establishment of a Credit Bureau and the Credit Rating System for the country.  Based on social media feedback, many Belizeans are not in agreement with this move, saying that the country is too small to engage in credit ratings.  The Belize Chamber of Commerce and Industry (BCCI) is in support of the initiative on the grounds that it would make access to financing for micro, small and medium businesses.  As a matter of fact, going hand in hand with the Credit Bureau is government’s move to tackle collateral security.  The Collateral Security initiative is one that will see the list of possible collateral expanded for lending institutions.  Katherine Meighan, BCCI’s President has applauded the move as it promises progress in the private sector.

From the government side, Minister of Public Service, Henry Charles Usher, explained that this initiative is one of several that offers local investors extra incentives.  Usher appeared on the Vibes Media Talk Show earlier today.

As it relates to the Credit Bureau, while many on the ground are opposing the move, the Leader of the Opposition, Moses Barrow says he supports the introduction of the Credit Rating Systems.

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The Credit Reporting Act was gazetted in April 2023.  In the act it stipulates that, a credit bureau may engage in the collecting, storing, managing, evaluating, updating and disseminating consumer information to a subscriber or user in accordance with the Act.  The credit bureau would also compile and maintain databases in respect of consumer information and generate credit reports from such databases.