This follows an approval from the Central Bank of Solomon Islands recently.
Central Bank of Solomon Island (CBSI) Governor, Country Mangers o the three commercials banks in Solomon Islands, Credit Corporation including officials from all financial institutions in Honiara witnessed the signing of partnership between Credit Corporation, BSP and Westpac managers yesterday at BSP conference room.
According the information provided, Credit bureau is an organisation that provides information on the money borrowing and bill-paying habits of individuals and business.
Credit bureau's give banks, money lenders and hire purchase companies etc. the information needed to make efficient and responsible decisions on loan/credit applications.
They make it easier for individuals, micro, small and medium enterprises to access financial products like loans, hire purchases and credit cards.
They also conduct credit checks for utilities to enable water, electricity and phone connections.
CBSI Governor Denton Rarawa in his remarks congratulated the establishment of Credit Bureau saying the signing is an milestone achievement of financial institutions in Solomon Islands.
Mr Rarawa said, he was encouraged to see establishment of Credit Bureau in Solomon Islands.
“Credit bureau has been long time financial organisation and never established in Solomon Island, but we are heard much achievement about this organisation.
“Therefore having this organisation established should support and help all financial institutions operating in Solomon Islands and people accessing finance through hire purchase and credit cards,” he said.
Managing Director of Credit and Data Bureau of Papua New Guinea (PNG) Bruce Mackinlay thanked CBSI for accepting Credit Bureau to set up here.
“On behalf of the company I would like thank CBSI for accepting us establish here.
“We would provide better financial service of commercials banks and people of this country, ’he said.
By DENVER NEWTER