Now that you know that credit reporting is coming to the ECCU – the countries where the EC Dollar is used – here’s what you need to do to benefit.
The Credit Reporting Act seeks to give every borrower a fair chance to build a good credit history and be able to access credit under fair conditions.
A credit bureau cannot report information on a credit for a period longer than seven years after the date of termination or settlement of that credit.
It's important to pay your creditors what you owe, plus the interest or any other charges in the agreed time period. Doing this, known as managing your credit ensures that:
You’re entitled to:
You can query inaccurate information in your credit report. You must provide a written note of dispute to the credit bureau. The credit bureau will be required to investigate the disputed information, seek clarification from the provider of the disputed information and take any necessary steps to correct the information.
If the credit bureau determines that the information in the credit report is accurate or if the credit bureau makes a change to the information that you are not satisfied with, you could request that a statement of claim stating that the information is not correct be attached to your credit history file for future users of your credit history.
If you are not satisfied with the decision of the credit bureau you may file an application for review with the Secretary of the Review Commission appointed by the Minister of Finance in your country, which will independently review your case and make a decision on the matter.
The credit bureau – EveryData ECCU Limited - is headquartered in Antigua and Barbuda will operate in all of the other ECCB member countries: Anguilla, the Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher (St Kitts) and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. The credit bureau provides borrowers with copies of their credit reports and deals with queries that lenders or borrowers may have about their reports.