Our credit history is our responsibility, says Scotia branch manager

Mandeville, Manchester — With credit reports set to impact many business transactions for Jamaicans, Scotiabank branch manager in Mandeville Earl Blake has urged people to be responsible in their behaviour in order not to experience undue challenges as they go about their daily lives.

He said that making repayments for loans on time, having an open relationship with the lender to find solutions especially if problems arise and making sure that the credit bureau has an accurate record of the credit history are all steps that customers must take to be in good stead.

Blake was speaking last week at an educational forum at Scotiabank’s Ward Avenue facility in Mandeville.

“The credit bureau is here and it is tracking all your information,” he said.

The credit bureau was described as an agency that collects credit information from lenders and other relevant credit information regarding a borrower’s credit history.

It provides that information, for a fee, to prospective lenders. Information acquired from a credit bureau allows a lender to better assess the credit worthiness of an individual.

Blake said that the credit report makes it easier to know the true financial situation of a person as many times when asked directly they are not honest.

He said that with the credit bureau the loan processing at the bank is now shorter since the financial institution does not have to do all the required background checks.

He said that when other organisations are on board with the credit bureau the process will be even more timely and effective.

Terrence Cooper, Chief Executive Officer of credit bureau CRIF NM Credit Assure Limited, said that the data from the credit report is among the factors that determine an individual’s credit score and impacts whether a person is approved for a loan or the interest rate at which they receive that loan.

“The lower your score, the higher risk you are,” he said adding that it is a fair and impartial process.

Cooper, however, reassured customers who have had bad debts in the past that they have the opportunity to salvage their credit history and credit score by making better decisions as they go forward.

He said everybody is entitled to get one free credit report per calendar year and it can be applied for electronically with proper identification.

Blake encouraged customers to use the information that they have been given to their benefit.

“Knowledge is power to the extent that you use it to make the right decision. We want you to be empowered,” he said.