First Credit Bureau receives licence to operate

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Finance Minister, Dr. Ashni Singh
Finance Minister, Dr. Ashni Singh

History will be made in September when Guyana’s first Credit Bureau officially begins its operations. Handing over the licence was Governor of the Bank of Guyana, Lawrence Williams.

The licence was officially signed in July. The company – Credit Info – was one of the international operators that responded when Guyana wrote inviting companies here to operate the credit bureau.

The local operation has been named Credit Info Guyana Inc and will begin live operations in September but will open doors to the public on December 1.

According to Finance Minister, Dr Ashni Singh, the credit bureau will address the lacuna between borrowers and licensed lending institutions.

Dr Singh also outlined government’s expectations of Credit Info among which he says includes that they carry out their functions with integrity and the strictest of standards.

Speaking on behalf of the company was Senior Manager, Kristinn Agnarsson, who told those present that Guyana is the 16th country in which Credit Info has established operations.

In more developed countries, citizens rely heavily on credit reports which shows one’s credit score to borrow. In Guyana, the score will be calculated using a generic system, and consumers will be scored between 200 and 900 with 900 being the highest score.

Members of the media were also told that consumers are entitled to one free report per annum but each additional report will cost $1,000. [Delicia Fletcher]

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