Caribbean Credit Bureau

What is a Consumer Credit Bureau

A consumer credit bureau is an independent organization that receives consumer credit information from credit issuing institutions for the purpose of sharing such information with other credit issuing institutions. Other (private and public) sources may also be used to gather relevant information about the credit situation and behaviour of consumers. Sharing of any information about consumers is subject to strict conditions and limitations in order to protect the privacy rights of the consumers in accordance with the applicable local privacy laws.

Because consumer credit bureaus collect and manage highly sensitive data, adequate security measures must be in place to avoid unauthorized access to the data as well as ensuring that credit information is used in full compliancy with the code of conduct between members and the local privacy laws.

The role of CCB is to:

- Provide a secured platform to allow participating members to submit and share data with other members
- Promote and facilitate data sharing amongst the members for intended purposes
- Allow consumers to view all information maintained in the system about themselves
- Allow consumers the right to dispute and initiate formal data removal or correction procedures
- Promote timely and accurate submission of data by members
- Maintain a code of conduct to which all participating members must adhere
- Protect consumer against over-extension of credit by allowing for responsible lending by credit issuing institutions

The data submitted and stored by CCB shall only be used as follows:

- Only for purposes of making credit related decisions about a consumer (new loans or credit file reviews)
- Only subscribing members will have access based on reciprocity: a member only has access to the types of data that it also submits for sharing.