What You Can do Next

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.

Build or maintain a good credit history

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.

How can I improve my credit?

• Pay your loans and bills on time (telephone, cable, loans, utilities and hire purchase accounts)
• Apply for credit only if you could meet the repayment obligation and the credit is really needed
• Use credit cards wisely - keep balances low and meet minimum payments on time
• Reach out to your lender to renegotiate terms of repayment or to refinance your loan if you encounter difficulties in meeting your payment obligations.

Manage your debt

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:

• The repayment or debt servicing terms remain favourable to you
• The creditor is more likely to approve another loan or offer you a service or product on credit because you have proven that you are likely to make payments as agreed
• You are able to benefit from a lower interest rate, lower fees and other favourable terms because the creditor considers you to be a responsible borrower and rewards you accordingly
• You build a positive track record with creditors, which will encourage other creditors to want to do business with you
• You’re able to access credit on better terms for collateral

Keep an eye on your credit report every year for free

You’re entitled to:

• A free credit report once a year.
• A free copy of the report if your loan application is denied owing to negative information in that report.
• A copy of your report from the credit bureau for a fee in all other cases.

Resolve any disputes you may have with your report

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.

Where is the credit bureau located?

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.