Consumers to be able to dispute information held by the credit bureau

#Bahamas, February 10, 2018 – Nassau – Consumers will have the right to dispute information held by the credit bureau that they perceive to be inaccurate, incomplete or out-of-date in a timely and low cost manner, said Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest while introducing the Credit Reporting Bill in the House of Assembly, Wednesday, January 31, 2018.

The DPM said the objective of the Credit Reporting Bill is to facilitate the effective supervision of the credit reporting sector and the efficient operation of a credit bureau.

He noted that databases containing information relevant to making credit decisions, such as credit histories, personal data and other information on borrowers, represent a great concentration of power; so the impact of misleading information, misuse or mishandling of information or erroneous information is potentially damaging to individuals.  That is why there will be avenues for consumers should any issues or problems arise.

DPM Turnquest said, “The Data Protection Commissioner, appointed pursuant to the Data Protection (Privacy of Personal Information) Act, 2003 has responsibility for enforcing the provisions of that Act with respect to protecting the personal data of individuals and it is proposed that the Data Protection Commissioner’s powers and responsibilities be extended to protecting consumers’ rights with respect to disputed credit reporting information.”

By: Llonella Gilbert (BIS)