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EveryData ECCU Limited has been granted a license by the Eastern Caribbean Central Bank (ECCB) to operate a credit bureau in the Eastern Caribbean Currency Union (ECCU).
The license was granted under the ECCU Credit Reporting Bill, which has been passed in all of the ECCB member countries. The ECCB, pursuant to the ECCU Credit Reporting Bill, is responsible for the regulation of credit reporting in the ECCU, including the operations of EveryData ECCU Limited.
The credit bureau aims to improve access to financing for micro, small and medium-sized enterprises which make up the lifeblood of Eastern Caribbean economies.
Through EveryData ECCU Limited, information is collected and shared on how individuals and businesses manage their credit from lending institutions so lenders can determine their credit worthiness quickly, safely and securely.
The credit bureau gathers information on your borrowing behaviour from various credit providers including:
Together, the data collected from these providers create a credit report:
Before the establishment of the credit bureau, banks and other lenders would contact all the references listed in an application for credit. They would perform credit checks with previous lenders to see if you or your business is a responsible borrower.
With a credit bureau to provide financial institutions and other credit providers access to a credit history, it makes credit information-sharing much easier and faster.
The lenders get timely access to more accurate credit information that helps with assessing the risk of lending to a potential borrower. With less uncertainty about potential borrowers, credit providers can price lending more effectively. Responses to credit applications - whether the answer is yes or no - are now faster and are based on solid information that you have access to.
As a borrower, the availability of a full credit history improves your access to credit.
Credit reporting discourages discriminatory lending practices.
Credit reporting leads to lower default rates. Lending is a safer bet.
Over time, as it builds up a database with historical information, the credit bureau will produce other tools such as a credit score, fraud prevention and identity theft prevention tools for the benefit of the borrower and creditor.
