GPSU reluctant to join Credit Info

…says it’s unaware of mandatory membership

The Guyana Public Service Union (GPSU), which is by law mandated to subscribe to Credit Info, is reluctant to do so. This is according to the Credit Information Bureau, which noted that it has been engaging the Union for the past five years, but to no avail.
The issue of the union’s reluctance to subscribe first surfaced at a press conference hosted by Credit Info last week at the entity’s New Market Street, Georgetown head office.
“Section 12 of the Credit Reporting Act of 2010 and the Credit Reporting Amendment Act of 2016, those are the governing pieces of legislation that speak to this specific issue,” Credit Info’s Chief Executive Officer (CEO), Judy Semple-Joseph, told Guyana Times.
She said that, for the past five years, the team has been engaging with GPSU and with several other credit unions, so as to ensure that they benefit from the advantages of being subscribers to the service.
She noted that the institution was able to gain support from two credit unions, but has failed to gain subscription from the GPSU. “It is absolutely necessary for the larger credit unions to be affiliated with Credit Info. It is critical, let’s say, for them to be associated. I think their positions will be so much better. They will do much better business, there will be much better financial positions at the end of the day,” the CEO underscored.
Semple-Joseph said the agency will be working aggressively to specifically get the GPSU on board.
“Even though it is mandated by law, there is a process, and it is quite a task in some instances to get institutions to sign on… Even though it’s mandated by law, we still have to engage. It’s our responsibility to show them that it is a mutually beneficial arrangement,” she explained.
The CEO said she understands the system is fairly new to Guyana, but it is nevertheless important.
Manager of Sales and Business Development, David Falkconer, noted that Credit Info had consulted with the GPSU about three years ago, and is hoping that with the new managing body, it will be able to come up with a fruitful outcome.
“Even though there is a requirement by law, our policy is not to go with a big stick and say you must do this. We prefer to have you see the benefits and come on board voluntarily…we have engaged the credit union sector. I can tell you that we have engaged every single credit union in the sector. I can tell you that we have targeted our outreach to the National Credit Union League, and through them we have had innumerable meetings, presentations and engagements with every single credit union in the sector,” Falkconer explained.
Contacted on Friday, the GPSU said it was unaware that it is mandated to join the credit bureau.
Credit Info, Guyana is a fairly new initiative, which started five years ago locally. Its objective is to collect credit information for the purpose of facilitating access to credit. The credit bureau therefore has information from debtors who use credit cards, or even have a bank loan.
A few of the agencies who would have subscribed to Credit Info along with all the banks, include the Guyana Water Incorporated (GWI), Guyana Power and Light (GPL), Guyana Telephone and Telegraph Company (GTT), Courts Guyana, University of Guyana, and Institute of Private Enterprise Development (IPED), among others.