FAQ
Benefits of Credit Information Sharing
The benefits of credit information sharing are many to lenders, borrowers and the economy as whole; they include:
- It helps financial institutions to make informed credit granting decisions such that default rates can be reduced.
- It helps borrowers without collateral to secure credit.
- It leads to better payment behaviour on the part of borrowers for fear of being denied credit.
- It helps borrowers with positive information to get favorable loan conditions
What is a Credit Bureau?
Credit bureaus, function as a database of information about individuals and companies. They collect credit information from creditors to create a repository of credit history for potential lenders to determine good credit risk. These agencies also collect other information from public and private sources, including data on bankruptcies, liens, debt consolidation, government loans, judgments and collections.
What is a Credit Report?
A credit report is a record of credit activity and credit history.
It contains:
- Personal/Company information such as name, address, identification number(s), contact details.
- Credit account information as reported by lenders and creditors. This information includes the types of accounts, the date those accounts were opened, credit limits or loan amounts, current balances on the accounts and payment history.
- Inquiry information – Information regarding which financial institutions have requested credit reports.
- Collections accounts – This includes past-due accounts that have been turned over to a collection agency.
What information is stored in our database?
Credit information collected on a monthly basis on all existing and new credit facilities granted to an individual or company (borrower) by the banks, financial institutions and other institutions.
Who will have access to the credit report of an individual or company?
The credit report is visible only by financial institutions sharing their data with the Creditadvice at the time of processing a credit application.
Can the credit bureau transmit information about an individual or business to anyone asking for it?
No, information can only be accessed when:
- The individual or company makes a request for the credit report
- Financial institutions contributing to the credit information database and requests a credit report
Information about you will not be shared or sold to other types of companies or third parties.
How does an individual or company access their credit report?
- An individual may at any time, obtain a copy of their credit report by visiting our office located at Suite 102 Lauriston, Lower Collymore Rock, St. Michael.
- Complete an application form and provide one form of valid government issued identification: National Identification Card, Driver’s License or Passport.
- An individual is entitled to one (1) FREE credit report per calendar year, additional reports will be charged at a cost per report issued.
How long does it take to receive a copy of my credit report once requested?
Creditadvice Barbados shall provide a copy of a requested credit report via email in an un-editable electronic format, within five working days of the date of request.
How Long Does Information Stay on the Credit Report?
Information generally stays on the credit reports for 7 years.
Credit Report Inquires
When a lender or company requests to review a credit report as part of the loan application process, that request is recorded on the credit report as an inquiry and it usually will impact the credit score.
Inquiries on a credit report highlights to a lender that a borrower is potentially shopping for new credit. This may be meaningful to a potential lender when assessing creditworthiness.
If information on the credit report is inaccurate, what can be done to correct it?
- An individual may at any time, dispute information they believe is inaccurate on their credit report by visiting our office located at Suite 102 Lauriston, Lower Collymore Rock, St. Michael.
- Complete the dispute form and provide one form of valid government issued identification: your National Identification Card, Driver’s License or Passport.
- The dispute will be investigated by Creditadvice and Credit Information Providers as necessary for resolution.
