Credit Reporting Oversight

Overview

The Credit Reporting Act 2010 came into effect 1 October 2010. It establishes the framework for credit reporting in Jamaica to ensure that this is done through reasonable procedures that meet the needs of commerce for credit information in a manner that is fair and equitable to the consumer. The Act provides principles for confidentiality, accuracy, relevance and proper utilization of credit information and, among other matters, specifically addresses:

  • Licencing of persons who wish to offer credit reporting services
  • Eligible credit information providers
  • The nature of credit information
  • Use of credit information
  • Persons who can request a credit report
  • Accessibility by customers to their credit information; and
  • Handling of customer complaints

The Credit Reporting Regulations which operationalise the Act and specifies matters pertaining to the licensing process such as the form of application, documentation requirements and licensing fees, were approved by Parliament on 14 January 2011 and have been gazetted.

Only entities licensed under the Act can offer credit bureau services and credit information can only be sourced and used from specified credit information providers.

The Bank of Jamaica is the designated supervising authority under the Act and is responsible for reviewing and recommending on applications for license to the Minister of Finance and maintaining general supervisory oversight of the credit reporting regime in Jamaica.

Applications for a license to establish a credit bureau are made to the Honourable Minister of Finance and The Public Service, with copies submitted to the Bank of Jamaica.

For further information contact: The Credit Reporting Oversight Unit, Bank of Jamaica at 932 4116 or cbinfo@boj.org.jm

Frequently Asked Questions On Credit Bureaus

Legislation
Credit Reporting Act
Credit Reporting Regulations
Notice of Designation of Credit Information Provider (October 2012)
Gazetted Notice of Designation as a Credit Information Provider (August 2014)
Credit Reporting (Prescribed Amount)(Disclosures to Consumers) Order 2013
The Credit Reporting (Authorized Disclosure) (FID) Order, 2014

Licensed Credit Bureaus
Creditinfo Jamaica Limited
The Towers, 9th Floor
25 Dominica Drive
Kingston 5
Telephone: (876) 618 -3735
Facsimile: (876) 618 -3736
Website: www.creditinfojamaica.com

CRIF NM Credit Assure Limited (CNM-CAL)
Unit 64, Winchester Business Centre
15 Hope Road
Kingston 10
Telephone: LIME (876) 906 -8680; 926 -7196; 926 -2387
Telephone: DIGICEL (876) 618 -1515; 618 -1569; 618 -1641
Facsimile: (876) 929-2065
Website: www.crifnm.com

Credit Information Services Limited
57 East Queen Street
Kingston
Telephone: (876) 922 8240-3; 922 5882; 922 4272
Facsimile: (876) 967 1919
Documents
The Credit Reporting Regime
The Role of the Bank of Jamaica as the Supervising Authority Under the Credit Reporting Act
Press Release Re Licensing of Credit Information Services
Forms
Credit Bureau Licence Application Form
Personal Questionnaire for Credit Bureau Applicants
Company Profile Questionnaire for Significant Shareholders of Credit Bureau
Credit Bureaus Annual Report
Appendices to Annual Report
Consumer Complaint Form

Guidance
Direction on the Operational Framework for Managing the Requirement for Consumer Written Consent
Guide to the Licence Application Review Process
Guidance for Credit Information Providers - Form of Notice
Key Responsibilities of Credit Information Providers
Explanatory Notes - Consumer Complaint Form




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