Credit Reporting in the ECCU


Credit to You

Credit reporting is coming to the countries that use the EC Dollar: Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, Saint Lucia, Saint Christopher (St Kitts) and Nevis, Saint Vincent and the Grenadines. 

Credit reporting is a system of collating information from various sources, such as: banks, credit unions, other credit providers and government agencies, on an individual’s credit history. Credit information sharing is critical for the growth of credit, improving access to finance, particularly for small and medium sized enterprises and for economic growth. Credit bureaus play an important role in reducing the risk of bank failure by facilitating improvements in credit risk management, credit market monitoring and assisting with curbing over indebtedness.

One of the main objectives for the establishment of  a credit bureau in the Eastern Caribbean Currency Union (ECCU) is to address information asymmetries in the lending process, that is, ensuring that both the entity issuing credit and the party accessing credit have equitable access to a customer's credit information. By addressing this issue, lending institutions can have timely access to information which assists with assessing the credit worthiness of potential borrowers. This would enable credit providers to more effectively price lending as a result of the reduction of uncertainty regarding borrowers willingness and capacity to repay credit.

The Credit Reporting Act makes provisions for the ECCB to be the regulator of credit reporting in the ECCU.  As such the ECCB will have specific responsibility to:

  • regulate and supervise the activities of credit bureaus, credit information providers, subscribers and their agents in the ECCU;
  • issue standards and targets regarding the provision of credit reporting services; 
  • maintain proper standards of conduct and acceptable credit reporting practices;
  • protect the integrity of the credit reporting system against abuses; and
  • take measures to protect the rights and interests of borrowers.

The ECCB has selected an entity to execute credit reporting in the ECCU. Operations are expected to commence in December 2022.

Having a good credit history makes getting the credit you need a lot easier and faster.