“Why is it that an individual cannot obtain information on his credit record in Jamaica? If you try to get the details from a company that carries out credit checks, you are informed that access to the information is only available to financial institutions such as banks, credit unions and mortgage houses.

“Therefore you could be making plans for your financial future, but there may be some little thing in your past that you might be unaware of, or which might be wrong, and you don’t have the ability to correct this information.”

Jamaicans are becoming increasingly credit happy. With buying sprees funded by payday loans, credit cards, and hire purchase plans, we really can get it if we really want it. However, as our credit appetite grows, lenders are becoming more cautious about the extra business.

Many consumers may not be aware that when they apply for a loan or credit card, their borrowing history is placed under a microscope. Past details about what they borrowed, and how well they paid it back may have been captured on a database by a credit investigating company. This information can be used to determine if they are successful in getting new loans or not. Continue reading Wanted: Access to Personal Credit Reports →