Establishing credit in theDR

love da DR

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Aug 1, 2002
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I will be visiting the DR again very soon and I will be opening both a savings and checking account . Iwould like to know what I should be expected to bring with me to the bank in the DR to establish lines of credit, 1.do I need to bring 3 credit reports from the 3 major agencies in the US or are they of no import to the Dominican Banks? 2.I am aware that I will need a sponsor of some sort, is my potential line of credit predicated upon my sponsors income, good name, or what exactly? I say this because I know of no Dominicans that earn my level of income.



Thanks for whatever help that can be provided.

Isaac, getting closer to running away to the DR everyday.
 

Robert

Stay Frosty!
Jan 2, 1999
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I'm no expert, but I would assume you need at least a residency to establish a line of credit with the banks.

Try emailing CICLA they are the local credit reporting company.
They have English speaking staff.
 

love da DR

New member
Aug 1, 2002
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Robert, George Thanks

Thanks,

For the responses I'll continue to do more research on this
topic as I want to begin the process of a move in the future
to the DR.
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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You also need a willingness....

to pay interest in the 22-30% range.

You could borrow from HFC cheaper in the USA.
 

BushBaby

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Jan 1, 2002
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Isaac,
Where in the DR are you headed? If you are coming North Coast, I could introduce you to Banco Mercantil where I have good credibilty from introducing many others over the years.
As RickToronto says, you don't want to borrow here (the DR) as you will be paying back for a LONG time!! A current (checking) account if you MUST, a savings/deposit account for day - to - day transactions & a credit card for ease of purchase (but you must pay it in full at the prescribed date to avoid BIG credit charges!!). A debit card for cash transactions at ATM's might be deemed necessary, but this is debateable!!

All the above are more easily achieved with residency &/or a Dominican sponsor, but experience shows me that these are not essential. As I say, if you are coming North Coast, let me know by e-mail & we can chat further! - Grahame.
 

planner

.............. ?
Sep 23, 2002
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Hey BushBaby,

I'm a new member and this is my first message! I'm off to Buerta Plata Oct 13th for a 3 week stay. I'm married to a man from there and eventually we plan to live there. For now he and his daughter will come to Canada so she is educated here. I'm interested in establishing accounts there as well as looking at business ideas. Would love to get together with you to discuss!
 

BushBaby

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Jan 1, 2002
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Planner??Sounds totally foreign for someone coming to DR!! No planning goes on here - look at the Government!!
Send me an e-mail or PM. I will tell you how to get in touch once you are settled in to your hotel/rooms so we can arrange a meet. - Grahame.