Credit Bureau

Credit reporting systems include the institutions, rules, procedures, standards, and technologies that allow the exchange of information, primarily for the purpose of making credit-related decisions.

The Central Bank of Belize has taken the necessary steps to initiate the establishment of a credit bureau in Belize. A credit bureau in Belize would help to improve the quantity and quality of credit information provided to local lenders and would help to reduce credit risks, processing times, and costs. The result should be a more effective and efficient distribution of credit in the domestic system.

Developing a Credit Bureau System
The Bank invited the International Finance Corporation (IFC), a member of the World Bank Group, to meet with stakeholders in February 2010 to gauge interest in the development of a credit bureau in Belize. Working with the Caribbean Regional Technical Assistance Center (CARTAC), the IFC is helping to develop credit bureaus across the English-speaking Caribbean where the initiative has been generally received with enthusiasm. Similarly, the initial meetings held in Belize revealed a high level of interest in the project.

The IFC and the World Bank completed a legal and regulatory assessment of Belize to identify areas of the legislation that are deficient and that would require amendment to allow the proper operation of a credit bureau. The IFC has also conducted a technical assessment of the private and public sectors and obtained data on each stakeholder’s loan portfolio, credit operations, and potential use of the bureau. The results have since been presented to stakeholders.

The next phase of the project entails public education of stakeholders and consumers, and the development of draft legislation that address issues such as:

  • minimum criteria for credit reporting service providers
  • setting out the regulatory and supervisory framework
  • exclusions related to sensitive data
  • limits on how long the data can be distributed (to allow borrowers a “fresh start”)
  • limits on access to the data
  • a consumer rights framework
  • assignment of liability conditions for participants in the system
Caribbean Credit Reporting Conference

The Central Bank of Belize (CBB) with the support of the Canadian International Development Agency (CIDA) and the International Finance Corporation (IFC) hosted the third Credit Reporting Conference on Thursday, 18 April 2013. The conference marked one of the key initiatives for the establishment of the National Credit Reporting System in Belize. 

The main objective of the conference was to highlight the fundamentals of credit reporting in an effort to prepare stakeholders for the credit reporting legislation. Some 75 participants from commercial banks, credit unions, insurance companies, utility companies, government entities and central bankers were in attendance.  Mrs. Marilyn Gardiner-Usher, Deputy Governor Operations of the Central Bank of Belize delivered the opening address and Mr. Phil Westman, CIDA Liaison for Belize gave the welcoming remarks.

Presentations delivered at this year’s Caribbean Credit Reporting Conference can be viewed below.

Conference Presentations

Kindly click here to see the Third Caribbean Credit Reporting Conference (2013) Group Photograph of participants.