Entities and persons who have accumulated debt under the Financial Sector Adjustment Company (FINSAC) can breathe a sigh of relief, as it was announced that this will not figure in their credit-history data, nor will it jeopardise any undertaking in which they have applied for a credit report.
Megan Deane, chief executive officer of Creditinfo Jamaica Ltd, gave this assurance earlier this week, while addressing the Private Sector Organisation of Jamaica Chairman's Club breakfast forum at The Jamaica Pegasus hotel in New Kingston.
Deane said the Credit Information Act (2010) and the accompanying Credit Reporting Regulations restrict information collection to the last seven years. She pointed out that FINSAC-related operations and activities occurred before that time frame.
Deane also stated that the act's provisions safeguard the confidentiality of all credit history archived by licensed credit bureaus in Jamaica, pointing out that they are "extremely protective of the consumer".
Additionally, she said the legislation allows the bureau, "on specific instruction of that credit subject, to submit reports to designated recipients, whether a prospective employer, landlord or wherever they considered it appropriate. We can send on instructions".
Deane also said the legislation has an "extensive section" dealing with consumer complaints and the attendant procedures for redress if incorrect credit information is contained in a report.