Credit Reporting Bill passed but won't be enforced just yet

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A new legislation that will make it harder for bad debtors to obtain loans from financial institutions in Antigua & Barbuda has been passed in parliament but its enforcement was placed on hold pending further amendments.
The Credit Reporting Bill of 2017, which seeks to establish the legal framework for credit reporting in members of the Currency Union was passed yesterday.
It will do so through “reasonable” procedures that meet the needs of commerce for credit information in a manner that is said to be fair and equitable to borrowers.
Simply put, the new system will capture the credit information of residents, which will then be made available to lending agencies and credit facilities.
It clears the way for banks or credit institutions to contact the credit bureau to get information about one’s credit and if there is any derogatory information their loan request will be declined.
However, when PM Browne spoke about the Bill in Parliament, he said its amendment will be delaye because of concerns about the privacy of citizens, which he said will be placed on the table when the Monetary Council meets soon.
While admitting that the Antigua & Barbuda government is not at liberty to make any changes to the bill at this
stage, “because it is a harmonised bill”, Browne said the concerns will be made to the heads of government.
 
(More in today’s Daily Observer.)

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