Government Advances Plans for National Credit Bureau with Support from BCCI

Government is well on the way to introducing a Credit Bureau for the country that will apply credit ratings for individuals.  It is a system that will determine the ease for persons to access financing from various institutions.  The Belize Chamber of Commerce and Industry (BCCI) is on board this initiative, saying that it will prove beneficial for those who need funding to open or expand their businesses.  After a meeting held with a team from the Prime Minister’s office yesterday, BCCI’s President Katherine Meighan expressed satisfaction that the establishment of a credit rating system is coming sooner rather than later.  

It is to be noted that 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.