The Credit Reporting (Amendment) Act, having been passed into law in the Guyanese Parliament on January 14, 2015, represents the commencement of major change in the credit environment of Guyana. The previous legislation lacked many enabling features which would allow the process of credit reporting to have the desired effect on lending and the economy.
The amendment was drafted to address inconsistencies based on guidance provided from the market experiences of Creditinfo Guyana in the almost three years since the company came to Guyana at the behest of the government and the World Bank, and takes cognisance of best practices both in the credit reporting industry worldwide and also of those developed by the World Bank/International Finance Corporation.
The World Bank/IFC holds the view that credit reporting systems are vital to strengthening financial infrastructure and access
