What is a Credit Bureau?

A credit bureau is an organization that collects credit information from lenders and information from other sources on a consumer, processes that information and uses it to create comprehensive credit reports and other value-added services.  This amalgamated information is supplied in an organized format to Banks, other lending institutions, or to other persons or entities for specified purposes but always with written permission of the consumer. The consumer may also be provided with a copy of his/her credit report upon request.

The conduct of the business of a credit bureau is governed by The Credit Reporting Act No. 9 of 2010 which came into effect on June 10, 2010 and The Credit Reporting (Amendment) Act 2016.

Who are Creditinfo (Guyana) Inc?

Creditinfo (Guyana) Inc. is the second regional presence of a large, well respected Icelandic conglomerate that operates out of a total of twenty-three countries throughout the world.  Our presence in Guyana was facilitated by means of a rigorous investigative and authentication process that has resulted in being duly licensed by the Bank of Guyana to service the local credit market.

Where do we get our sources of information?

A credit bureau may obtain information primarily from the commercial banks, the non-bank licensed financial institutions; the utility companies and hire purchase companies.

In addition, under section 12 (7) of the Credit reporting Act, a credit bureau may collect data or information from public sources including any entity that the Bank of Guyana may so designate.

What will the Credit Bureau do with the information it collects?

The credit bureau will process the information collected. Processing of the information involves matching, crosschecking, merging, analyzing and interpreting the information. Everything possible is done to ensure that the information is accurate and relates to the specific consumer, then the credit bureau compiles the processed information to create a credit report and credit score.

What is a credit report and what does it show?

A credit report is a report that is generated by the credit bureau using the information it collects. The credit report gives a comprehensive profile of a consumer including biographic information and also details the consumer’s financial obligations including their payment history in relation to such obligations and of any guarantees that may exist.  It may also include a credit score.

What is a credit score?

A credit score is a statistical estimate of the probability of default of an existing or prospective borrower based on characteristics available in the information that the credit bureau has collected.  A good credit score has significant benefits for a consumer as it relates to obtaining credit and other services.

Is this system new to Guyana?

No. For many years the banks have been sharing information about borrowers informally between themselves.  Creditinfo (Guyana) Inc. only makes the existing system more efficient and the credit climate more agreeable to consumers by making lots of useful information available.

How would the information (the credit report or credit score) from the credit bureau be of benefit to me?

Information from the credit bureau would allow a lender to more accurately assess your creditworthiness. This would enable lenders to better assess the risk of each credit application and price the loan/credit accordingly.
As such, potential borrowers with good credit histories can benefit from reduced lending rates. You can take your credit report from one financial institution to another in an endeavor to obtain better terms of credit, make lending markets more competitive, and in the end more affordable.

In this way, the market rewards you for honoring your financial commitments to your creditors and other entities.

How can the Credit Bureau be of benefit to Guyana?

Credit Bureaus tend to foster stability in the financial sector & by extension, the economy.  A study of credit markets over the last 25 years shows that increasing the quality and reach of information sharing is strictly associated with GDP growth.  It increases access to credit for a larger segment of the population, thus improving general standards of living, encouraging investment and stimulating economic growth.

Are there any other benefits?

Faster and more comprehensive access to information means reduced processing times, reduced costs and easier access to credit for applications at Banks, micro-finance institutions (MFIs), hire Purchase agents and others.

Less bad credit in the market will mean more funds available to lend to qualified borrowers.

Credit reporting allows borrowers to build a credit history.  This is especially useful for small enterprises and new borrowers who have limited access to the usual forms of collateral, and who can now leverage their good credit report and score to obtain approval for loans and other forms of credit.

Do I have to give my consent for any entity to share any information that it may have about me as a consumer of its products or services?

In accordance with The Credit Reporting (Amendment) Act 2016, which amended Section 12 of the principle, provision was made allowing credit information providers to share credit information on all persons to whom they extend credit facilities in their portfolio to a credit bureau.

Why is your consent so important?

The protection of the consumer’s privacy is of significant importance.  However, it is in your best interest to consent to sharing of this information as it will allow credit providers and other entities to make an informed assessment of your credit worthiness, which more often than not will result in greater accessibility to credit and other related services for you.  It is also entirely possible that some institutions may refuse you credit if a credit report on you is not available as this could be taken to indicate you have something to hide.

Could the credit bureau share a consumer’s credit information with anyone?

The Act specifies that a consumer’s credit information can be shared with credit information providers who intend to use the information to extend credit to the consumer, but ONLY with the consumer’s written permission.


What are your rights?

If the credit bureau discloses your credit information in contravention of the Act, it would be committing an offence and would be liable on summary conviction to a fine of one million dollars.

Every consumer is entitled to one Credit report per year, free of cost.  This will enable you to identify the areas which you need to pay attention to, in order to improve your credit score.

Your file must be maintained and regularly updated by the Credit Bureau and is stored in a secure manner safe from any misuse, loss or unauthorized access.

Your Credit Bureau may refuse to create a file for you if it considers that the information received is inaccurate and may adversely affect your credit.

The Credit Bureau, Credit Bureau Users and Credit Information Providers are required by Law to keep confidential any information received about you.

Where can I find more information on The Credit Reporting Act?

Bank of Guyana – Official Gazette  – Legal Supplement (http://www.bankofguyana.org.gy/bog/images/Legislation/act_no_9_2010-1_2_.pdf)

How do I contact Creditinfo (Guyana) Inc?

Requests for information can be made via:
  • Our website portal for emailed response.
  • Telephony Enquiry (592) 227-7005 / 227-7009
  • Direct Email: info@creditinfo.gy
If any of the above is not appropriate, a personal appointment can be arranged at a date and time convenient to both parties, again by telephone contact or by email.