Grenada’s financial institutions are now formally implementing the Credit Reporting Act of 2017, with Ariza Credit Union becoming the second primary credit information provider to announce compliance with the legislation. In a public notice dated December 22nd, the credit union informed members that effective December 2nd, 2025, it will share customer credit data with licensed credit bureaus as permitted under the parliamentary-approved act.
The legislative framework establishes a comprehensive credit reporting system designed to facilitate objective credit decisions through accurate information sharing. The Eastern Caribbean Central Bank (ECCB) serves as the exclusive licensing authority for credit bureaus, with EveryData ECCU Limited currently operating as the sole licensed credit reporting agency serving Grenada within the Eastern Caribbean Currency Union.
Under Section 27 of the Act, credit information providers must furnish data to licensed bureaus from the date credit is provided to a data subject. The law defines ‘data subjects’ broadly to include anyone with contractual relationships with credit providers, loan applicants, guarantors, and those connected through other legitimate purposes.
The legislation categorizes credit information providers into primary and secondary designations. Primary providers include banks, financial institutions, money services businesses, credit unions, insurance companies, and micro-finance institutions. The Central Bank may additionally designate secondary providers from sectors including telecommunications, utilities, and hire-purchase businesses when deemed in the public interest.
Notably, existing customers of designated providers do not require separate consent forms for data sharing. Instead, institutions must display notices at physical business locations or on their websites. While credit providers may disclose both positive and negative credit information without prior consent, third parties must obtain explicit consent before inquiring about any data subject’s credit information.
The fundamental purpose of this data collection initiative is to establish comprehensive credit histories and generate credit scores for individuals, ultimately enhancing the financial system’s integrity and decision-making processes.