There’s a new benchmark within the banking or financial industry that sets or draws the line rather, to assess the fundamental ability behind the capability of employed and self-employed individuals to garner loans and other financial products. This has therefore made it easier for these playing industries to make more viable long-term decisions on profit margins and ultimately slide from the chaos fostered from having too many ‘bad debts’ from customers that have a proven history of not ‘repaying’. Hence, this is exactly what we call the ‘Reciprocal effect of not managing your credit properly or simpler put; The NEW CREDIT Karma‘. 

What is a Credit Score? 

In layman terms, a Credit Score basically outlines all your previous loans and other financial products in bad debt as well as the amounts owed as well as the time period, it is also used to evaluate your potential risk as an individual and shows your ability to payback based on a score shown via letters, meaning from A-E to grade your said repayment ability. As such, all your banking, hire purchase, credit card, Student loan Repayments, and even billing history are now being taken into consideration. Of course, the conjunction was made due to the outcry made over the years by various financial institutions to join the landscape which was already implemented in other modeled countries and is, therefore, an already proven source to track and ultimately lessen credit cards or loans that are most times given to persons that just don’t fit the requirements of being able or willing to ‘repay’. A backslash that many employed or self-employed persons must work effectively to correct if they fall within this department.

Who controls your Credit Score? 

Your credit score and history are ultimately controlled by you, however, should you need to check on your score and where you stand, that check is done by The Credit Bureau of Jamaica (CRIF). An entity that has partnered with various financial institutions, major appliance companies, The Student Loan Bureau and now looking to join with even utility companies to track the algorithms and repayment records of Jamaican Citizens. By using this score, many citizens are now left with no choice but to ultimately become more responsible with how they have made various financial decisions when it comes to protecting their credit and even fixing it if it was already destroyed. It is important to note though that this credit score can be accessed by contacting or visiting the credit information service of Jamaica which is located in Kingston and is completely confidential and assessable for your intended use. 

Can your Bad Credit Score be rectified? 

Of course, as you know with any test, once you have a bad score it will prove that you have various capabilities that must be taken into consideration. These capabilities can even linger on your financial sleeves for the rest of your life if you choose to take the ‘ignore route’ like many persons that fall within this category. Which are most times a financial setback that will ultimately affect the wealth of your family. More simply put; ‘a financial curse and karma that will plague you for the rest of your life. So, what to do or the steps to take in order to correct this BAD Credit Score that you might have:

1. Contact the Credit Bureau to get a report on your actual Credit Score. This will provide you with direct information on where you have bad credit. 

2. Contact the financial institution or wherever your bad credit is. Take the time to sit with a debt collector or loan officer at the noted institution to discuss how can things be rectified. 

3. Try to come to an agreement on an amount to be repaid. You must try your utmost best to discuss and agree on a figure that you will be able to repay quickly or even in a one-time fashion if you can. This also concludes and exerts leniency within your favor as it will show your ability and urge to repay. 

4. Once you agree with this amount, make payment as soon as possible. Please don’t fall within the ease again to sit back and not take action, once you have accumulated the funds necessary to pay, do implement everything within your will to do so. 

5. Seek to get a letter to prove your repayment and settlement. Once you have made your settlement it will be your responsibility to get some form of written agreement or letter to prove your settlement as these said bad debts will remain on your records for any financial institution you may need to access another loan or credit card to see, it’ll remain until about five (5) years after. As such, if you try to access any loans or credit facilities in the near future you can use this letter to show that you have rectified your credit history. 

What Other conditions to consider? 

There are other considerations that must be understood. One of such is that if you now go to the bank as a self-employed person, you’ll need some form of repayment history. As such one of which the bank recommends is to gain access to a credit card. This will ultimately rebuild your credit score over a short period of time. The aim is to prove that you are now responsible in managing your finances and willing to cover your obligations. Also, once you have gained access to these credit facilities you will realize ultimately how much it will grow in the near future once you’re keeping up to date with your payments. It is ultimately the reverse Karma that you’ll experience with having a good credit score. Not a bad problem to have ain’t it?! Let’s ensure that we keep up to date with having the right credit score to build our businesses and families the right towards wealth.

Other conditions may apply. You can visit or call the Credit Information Service Limited for more information. 

If you need help or further information, please feel free to contact us at 1 (876) 902-7259 | 545-6928 or email us at to arrange your consultation session. Do remember at BIZcare “Your Business is our Priority”. We offer the services of:

  1. Business Registration
  2. Tax Filing
  3. GCT Filing
  4. Payroll Services
  5. Consultation Services
  6. TCC Services

And Others.

Like us on:

Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]

Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]

Share This

Share this page/post with your friends!