Credit Information Reporting Agency given first licence to operate a credit reporting agency in Fiji

The first company called Credit Information Reporting Agency PTE Limited has been given a licence by the Reserve Bank of Fiji to operate a credit reporting agency under the Fair Reporting of Credit Act.

Acting Prime Minister, Aiyaz Sayed-Khaiyum says the directors of the company are Winston Penjueli, Janine Penjueli and Lorraine Foster.

He says they have a background in finance and have met various prerequisites to run such an agency.

Sayed-Khaiyum also highlighted in parliament that people cannot go running to the organization if someone owes them 100 dollars. Under the regulations, the minimum amount of credit information that may be reported to a credit reporting agency is a payment of more than $300 that is overdue for more than 60 days.

Sayed-Khaiyum says people also have a right to appeal if someone puts their name with the agency.

He says banks and hire purchase agencies can provide data to the new agency for their input.

Sayed-Khaiyum also says anyone can set up an agency but they have to meet the requirements of the RBF as provided for under the Act.

SODELPA MP, Aseri Radrodro then asked Sayed-Khaiyum if student loans will be recorded with the Credit Reporting Agency. Sayed-Khaiyum said the government has not decided on that as it has an arrangement with the Fiji Revenue and Customs Service.

SODELPA MP, Jiosefa Dulakiverata then raised the question on whether the previous Data Bureau will be allowed to operate again.

Sayed-Khaiyum said that the Data Bureau could have continued if it complied with all the requirements under the law.

He also says the government also could not establish some of the shareholders of the Data Bureau.

Sayed-Khaiyum says there is no record of Carlile Limited at the Companies Office while there is a company called Carlile Fiji Limited whose shares are owned by Carlile Limited.

The Acting Prime Minister says one part of Carlile Fiji Limited’s company file has a reference of Carlile Limited in Vanuatu but upon checking, that company was dissolved and removed from the register in 1993.

Sayed-Khaiyum says we now have a regulated and transparent environment when it comes to credit reporting.