Credit Report to Become Mandatory for All Loan Applications by Year’s End

Come the end of the year, Belizeans will need a credit report to access a loan from a bank, credit union, loan shark or any authorized lending institution and it will cost you…how much? The Central Bank was silent on the amount. Rafael Roberts was at the press conference and tells us about this new initiative.

Raphael Roberts, Love News: Additional fees loom ahead as the Central Bank of Belize pushes forward with the Credit Report System. Today the Credit Bureau’s representative, CRIFT Information Services Belize Limited is in full swing with implementing a standardized credit report. However, in the wake of already exorbitant fees, the consumers are now left to dig deeper in their pockets if they need a credit report which will become mandatory by year’s end, when applying for a loan.

Kareem Michael, Governor, Central Bank of Belize: “I wish, you know, I won’t put Mr. Olario on the spot, but banks tend to find some way of pricing and credit unions pricing service. uh What is the intention here is?”

Reporter: Intention, not enforcement or it’s just intentions. 

Central Bank Rep: “So ultimately it will be negligible if there’s anything that is attached or none at all.”

Governor of The Central Bank of Belize, Kareem Michael emphasized the importance of the adaptation of the credit report system.

Kareem Michael, Governor, Central Bank of Belize: “It is within this framework that we have pursued the establishment of a credit reporting system. This initiative directly supports our strategic vision, which are one to support the development of a stable financial system to promote financial inclusion and to expand access to finance for all Belizeans. After years of preparation and hard work, you would have heard Kaysia saying from 2014, we are proud to launch Belize’s credit reporting system. Credit reporting systems are known worldwide as essential components of sound financial architecture as there’s a positive correlation between financial development and economic growth. Where comprehensive credit infrastructures exist, the cost of lending decreases, more people gain access to finance and financial inclusion expands. In simple terms, when information about borrowers is reliable and readily available, credit becomes less risky, more affordable and more widely distributed.“

Raphael Roberts, Love News:“He continued by listing the mandatory credit information provider CIPs and voluntary CIPs. 

Kareem Michael, Governor, Central Bank of Belize: “The success of Belize’s credit reporting system relies on the active participation of credit information providers or CIPs who are the data contributors to our system. Mandatory providers include our banks, credit unions, other licensed financial institutions, particularly the money lenders. They are legally required to submit accurate and timely credit information. In addition to these, the system allows for non-mandatory CIPs. such as utility companies, telecommunication providers, insurance companies, and other credit granting entities.“

Raphael Roberts, Love News: As of June 23rd, 2025, the Central Bank of Belize granted a license to CRIF Information Services Belize Limited, a locally registered subsidiary of CRIF SPA, to operate as Belize’s first licensed credit bureau. The licensing paved the way for the introduction of a comprehensive crediting report system that will improve credit access, strengthen responsible lending practices, and promote greater financial inclusion. Rafael Roberts, For Love News.