2.1 Know your Credit Information

Your credit history is important to a lot of people especially to banks and lending agencies and it therefore can greatly affect your chances of accessing finance to start your business. So it’s especially important that you understand your credit information and to know where that information is compiled.

A credit bureau is an entity that collects credit information from lenders and information from other sources on a consumer, processes that information and creates comprehensive credit reports and other value added services that are sold for a fee to those persons who provide information, to the consumers themselves, and with written permission of the consumer to other persons or entities for specified purposes.

Guyana now has a credit bureau called Creditinfo (Guyana) Inc.

What kind of information would the credit bureau be collecting?

The credit bureau could collect information such as those listed below among other –

  • the amount and nature of any credit facility(ies)
  • the type of security against those credit facilities
  • the level of non-performing or past due credit facilities
  • nature of any guarantee or other non-fund based facility accessed by a consumer
  • a consumer’s financial means, creditworthiness or history of financial transactions
  • any court judgments – adverse or favourable
  • information from the Land and Deeds registries -real estate holdings; etc.
  • information on a company – its condition and performance; governance structure etc.
  • the amount and nature of any hire purchase facility(ies)
  • hire purchase payments or non-payments
  • utility payments or non-payments

The credit bureau would not be collecting information on your medical history or on your deposit accounts.

Click here to find the answers to questions like: What is a credit report? What is a credit score? and other relevant information that will benefit you