Now that the CARICOM single market is allowing CARICOM Nationals the rights to work and establish in other member nations. Besides taking along your personal belongs, your Credit report with also come along with you 🙂 .
However, the increased movement of people facilitated by these provisions has also increased the risks to banks and other financial institutions as individuals with bad credit move among regional jurisdictions with the opportunity to rack up new debt as they go along.
With this risk in mind, indigenous banks in the Caribbean have agreed in principle to step up efforts to create a mechanism for the sharing of customer credit rating information across national boundaries.
Its funny how these banks are always working on ways to protect their bottom-line and develop mechanism to protect themselves. Maybe CARICOM Nationals should develop mechanisms to protect themselves from these Indigenous Banks. 🙂 Letâ€™s hear your opinion on the idea of sharing customer credit rating information across national boundaries in the comments.
Freedom of movement credit check [Caribbean360.com]