Frequently Asked Questions - Credit Reporting System
A: The Central Bank has set strict regulatory standards in line with international best practice.
The credit bureau is required to use advanced encryption, firewalls, and regular security
audits. Any breach would trigger immediate corrective action and penalties.
A: Access can be obtained as follows:
- Credit Information Providers, upon the receipt of consent from consumers, may access credit reports only for the purpose of making lending decisions.
- Individuals have the right to access their own report.
- Law Enforcement in Belize for investigation or by court order
The Central Bank will supervise and regulate the operations of the credit bureau.
A: Yes. Credit Information Providers can only access data when consent is given by the
consumer. Any misuse — such as pulling reports without consent or using information
outside of the permissible purpose — is prohibited and subject to regulatory action.
A: On the contrary — this system gives more people a chance to participate in the financial
system. Without a credit history, many low-income consumers are excluded. The credit
bureau allows them to build payment history through small financial activities, such as
utility bill payments, gradually qualifying them for affordable credit. Over time, this will
help build a positive credit history.
responsible lending, expands access to credit, and can lower borrowing costs over time.
found, they can file a dispute with the credit bureau, which is legally obliged to investigate and promptly correct inaccuracies.
report directly from CRIF. Verification will require a valid identification, such as a Social Security card. Additional credit reports within the same year will be available for a small administrative fee.
Sensitive data such as race, religion, or political views are never included.
models and adopted international best practices while tailoring them to our country’s needs.
and safeguards in place from the start. Over time, public trust builds as people see the benefits.
exclusive license to operate a credit bureau?
A: CRIF was selected through a competitive evaluation process based on their technical
qualifications, experience in similar markets, and capacity to build a system that fits
Belize’s needs. CRIF operates credit bureaus across the Caribbean, Latin America,
Europe, Africa, and Asia with systems that meet international data protection and
security standards.
Importantly, this is not an exclusive arrangement—the law allows for other credit bureaus
to apply for licenses in the future, provided they meet the same stringent regulatory
requirements. CRIF is the first to be licensed to help us establish the national system and
set the foundation.
it necessary to have a credit bureau?
comprises a comprehensive database that tracks credit histories as provided by credit information providers. The credit bureau then compiles credit reports and scores based on data received from credit information providers.
supervisory framework. The operational costs for establishing and running the bureau are being borne by CRIF, the licensed operator. No taxpayers’ funds or public debt were incurred for the project. The system is designed to be self-sustaining through modest service fees paid by credit information providers who access the data, and the individual consumers requesting credit reports.