Submitted by Kammie Holder
What will be the unintended consequences? What is the real, real, real, real reason for getting involved in a Credit bureau rather than enacting legislation to control Credit Bureaus? Asking for my late friend Douglas Trotman. Sorry, but we both never trust governments.
Extracted from Barbados Today December 15th,2021:
Senator Boyce: Credit reporting bill needs ‘longer runway’
While commending the fundamental purpose of the Fair Credit Reporting Bill 2021, Senator Kevin Boyce is of the view that some of the parties involved in administering the various aspects of the legislation need more time to be brought up to speed on the roles they will play.He told the Upper House on Monday evening, during debate on the Bill, that while the legislation will help people access finance, control their spending and, in some respects, provide a safety net, “all the parties involved need a longer runway so that they can come up to speed with what is expected of them”.
For example, in Sections 2 and 3 of Clause 16, it speaks to credit information providers. We would assume that this means these people will provide information to the credit bureau. From my interpretation, it seems as though this will include utility companies such as the Barbados Light and Power, the Barbados Water Authority, the Corporate Affairs and Intellectual Property Office and the Land Registry.
So, does this mean that if a person is in arrears to any one of these entities, they might have difficulty in accessing credit as they seek to improve their lives?” the Independent Senator questioned. In response, Deputy Leader of Government Business in the Senate, Senator Kay McConney, said: “We agree that in Clause 16 (3) there is the identification of designated entities as those allowed to provide information to the credit bureau. However, those listed under Section 16 (1) under financial institutions are those which are automatically captured, such as banks, insurance companies and credit unions and they will be included as soon as the Bill comes into effect. The utility companies and other such entities will come into the picture once they meet the requirements spelled out by the Central Bank of Barbados.” (DH)
Credit Companies were responsible for the Global Financial Crash
Island In The Sun Complete Version
what is a Credit Company?
trans union etc is letting you know if someone is basically a good risk, sure it makes it harder to get money and can force you to go to b lenders but at least it will be the odd person that goes delinquent and not a free for all. crashing everything.
what is a Credit Company?
banks and credit corporations who lend in money markets
short and long term credit such as billions to investment banks for settlement of trades
credit card companies, banks, mortgage lenders, retail loans
and bundle peoples debt up as financial instruments such as MBS CDO ABS
selling them as fixed income instruments and move them off their books
so they can rinse and repeat the process again
the crash was more due to reckless lending by business than reckless borrowing by customers
so who’s going to regulate the greedy credit corps
and since corporations of all types sell on credit to both the private and the public sector, even without their own credit cards, which many have these days, it would seem that every corporation and business, and even many individuals are sources of credit? Or is that debt?
Regulate? Each time some regulation is enacted, hundreds of Brainiac’s are figuring out how to get around it. And the consumer, the party responsible for the credit (debt?), is asking ‘give me a solution’. I want/need whatever the credit is for.
When money is freely available banks/people borrow more to invest / pay off debts / spend more on stuff
But, when money source dries up is withdrawn / not available, they are illiquid
Stardust From Tomorrow
Stardust For Tomorrow
Things are wonderful and truly spectacular in the new Republic of Barbados
it is both
it is credit (money in bank) which can be spent
and debt (liability a statement of money owed to creditors)
but the point is the lenders industry are the scammers
it’s not about a salary
it’s all about reality
encouraging people to borrow more / sign up for credit cards
encouraging people to spend on goods
high interest rates
disproportionate fees penalties and charges
liens on properties for small defaults
making people bankrupt
everything will be sorted out when weed is legal next week
Money, money, money, money I’m here to make some waves Hoping to convince you Before you have a thing to say Be it a car or expensive caviar They go to your creditors ‘Cause they know who you are Don’t leave your home Without American Express Never trust your friends Without a very thorough credit check Some people will pay you With one eye on the clock Others will have to pay Through that friendly neighborhood loan shark Fast, fierce and funny The way people can play with your money Now I tried to romance you And I tried real hard Everything was going good Until they took my credit card Now I’m not a flaky kind of guy you see I’ve got plenty of money But unfortunately not with me Now you’re my kind of girl And you like nice things I can tell by the clothes you wear And the size of the diamond on your ring As long as there’s cash around There’s always hope But once you see what your cash is worth You’ll deep six over and croak Fast, fierce and funny The way people can play with your money Baby, check it out, there’s no doubt Use your head, save your bread Baby, check it out Baby, check it out The Dow Jones average today hit an all time low And sent the stock market crashing Thousands panic in the effort to hold on to their assets Washington has made an official statement And we are about to take it live to Washington Make that money, try to stay ahead Make that money till ya drop dead Make that money, now you’re on your own Now that bank won’t give you a loan Work your fingers to the bone Makin’ that money, gotta bring it home Got no cash, gotta write a check If they haven’t closed my bank account yet Money, money, money, money [Incomprehensible] Work your fingers to the bone Gonna bring that money, money, hoh, yeah
#comment-1851442 disappeared into a black hole like a Vajayjay
Delay in NIS pension cheques
@ David December 16, 2021 4:41 PM
Medium-term fiscal adjustment will be supported by reforms to state-owned enterprises (SOEs). To create fiscal space for investment in physical and human capital, transfers to SOEs need to decline by strengthening oversight of SOEs, revenue enhancement, cost reduction, as well as mergers and divestment. The authorities’ plans to reform the pension system and introduce a fiscal rule will also support fiscal sustainability. (Unquote).
Isn’t the above commitment to fiscal and economic reform a mere annual rehashing of the same ole same ole piffle announced in the MoF’s December 2013 declaration of Sinckler’s plan for the financial and economic survival of Barbados?
Isn’t it the same action plan which the goodly Doctor Justin Robinson underscored and undertook to implement under the previous administration?
It sounds like the same balderdash we heard when late David Thompson summons the heads of the SOEs to read them the riot act at the start of his brief tenure as PM.
David, As the economic report says, the credit of the country as a whole is in question.
That makes the issue of individual credit ratings rather ironic.
As if banks et al need a credit bureau in Barbados. They already make a person give their left testicle, grandmudda and six pieces of silver as collateral, even just to buy a bicycle.
What the france will a credit bureau do?
Bit strange that this comes out of the woodwork.
One of the least concerns right now.
Are you saying there should be no attempt to implement a system that improves how credit is managed?
A constant struggle…
THIS IS TERRIBLE!