Wed | Dec 1, 2021

Credit history will not reveal FINSAC’d persons info, says credit bureau

Published:Tuesday | October 1, 2013 | 4:09 PM

Persons and entities that accumulate debts under the Financial Sector Adjustment Company (FINSAC) will not have this information captured in their credit history.



That is the word from Chief Executive Officer Creditinfo Jamaica limited, Megan Deane.



Creditinfo Jamaica is the country’s first licensed credit bureau.



FINSAC debtors have long complained that they continue to find it difficult to access loans or credit from lending institutions because of their FINSAC status.



Deane disclosed that the Credit Information Act 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 timeframe.



The Creditinfo CEO, however, noted that if a FINSAC facility was restructured and is still in the database of a financial institution and is currently being dealt with, then that information will be reported to the bureau.



However, he sought to assure that the fact that someone or an entity was FINSAC’d will not be an issue.



The Creditinfo CEO was speaking at a recent Private Sector Organization of Jamaica (PSOJ) Chairman’s Club breakfast forum.



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