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: