Antigua and Barbuda is set to become the first jurisdiction governed by the Eastern Caribbean Central Bank (ECCB) to introduce the banks credit reporting initiative that will see residents who wish to borrow from financial institutions ascribed credit score.

CEO of Everydata ECC Limited Van Reynders is working with the ECCB on the initiative, which he said will have immense benefits for both the institutions as well as borrowers.

“It’s been a long time coming, the Central Bank issued the regulations in 2016. Antigua and Barbuda was the first country in the ECCU to adopt the legislation,” Reynders.

He also explained the system will collect data from thorough credit checks to accelerate and streamline often lengthy and cumbersome loans processes.

“When a consumer applies for credit with a financial institution, via our portal in real-time, the financial can access our entire credit history and they can make the decision there and then,” he said.

Reynders was speaking Wednesday evening during the rollout of the Credit Bureau awareness campaign in Antigua and Barbuda.

Van Reynders

During the session held at the Villa Community Centre in St. Johns members of the public were engaged in a discussion about the basics of credit reporting, and how the introduction of a credit bureau will benefit them as consumers of credit.