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Over the past 5 years J.E.T.S Limited has been engaged in a project to develop the legal and business frameworks to establish a Credit Bureau Service in Jamaica. In other territories such as the United States for example Credit Bureau services grew up in response to direct business needs and entrepreneurial activity while legislation to control and regulate the organizations developed afterwards. However in Jamaica several of our laws specifically prohibit the legal creation of a full blown credit bureau. For the Jamaican case an effective Credit Bureau would require new legislation that would not only allow a credit bureau service but also maintain the important protections and privacy of consumers under Jamaican law. J.E.T.S. did extensive research on other Credit Bureau Services in several countries such as the United States, Canada, India and Hong Kong (now part of China). Paying particular focus of the similar legislation of fellow Common Wealth countries and observing the administrative, consumer privacy and protection concerns for the Jamaican scene a model for a Credit Bureau service in Jamaica was developed. That model guided the development of a proposal for a Credit Reporting Act that is presently under consideration by the Ministry of Finance. Once the legislation to support a Credit Reporting system is pasted into law the next phase of the project will be the actual building of the Credit Bureau system.
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