New bill to ‘unlock access to credit’
No one will know people’s personal data from any credit institution under the Fair Credit Reporting Bill, 2021, says Minister in the Ministry of Finance Ryan Straughn.
He gave the assurance while introducing the measure in the House of Assembly yesterday, which sets up the framework that will allows credit institutions to have a measure of control over the creditworthiness of people seeking loans.
“This process is to unlock access for credit contingent on your risk. Right now, I can apply for five credit cards at five different institutions and none of them know that I applied at the other. The intent for this legislation is to also help people to be advised by financial institutions to make better arrangements,” Straughn said.
He added that Government would roll out a public campaign next year to educate individuals and small businesses. (NS)
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