How to: Checking your credit score

December 24, 2015

In the holiday period persons sometimes use loans as a way of covering multiple expenses for what is typically an expensive period in the life of Jamaicans. A credit report can be used to assess the risk of lending to an individual or company. Here is how you can check your credit score, as well as the credit scores of other individuals and businesses in Jamaica:

1. There are three types of reports available through the Credit Bureau of Jamaica. They are consumer credit reports, business credit reports, credit scores.

2. A consumer report outlines all of the details of credit transactions in which the individual is or was involved in.

3. While a business credit report provides information that will be relevant to all companies and businesses in Jamaica, including micro, small and medium enterprises, the credit score is assigned by a mathematical algorithm that converts qualitative data from the historical credit information on a credit report into a numerical score. The number represents the assessed risk associated with extending credit to an applicant based on their credit history.

4. These are the institutions that can provide credit information on an individual or company:

(A) A bank licensed under the Banking Act

(B) A financial institution licensed under the Financial Institutions Act.

(C) A building society licensed under the Building Societies Act.

(D) A society registered under the Co-operative Societies Act.

(E) The Development Bank of Jamaica Limited.

(F) A dealer in securities who is licensed under the Securities Act.

(G) Any person who carries on the business of selling goods under hire purchase, credit sale or conditional sale agreements, as defined by the Hire Purchase Act.

(H) A person who publishes information on suits and judgements for debt claims.

(I) A credit bureau.

(J) An insurance company registered under the Insurance Act.

(K) The National Housing Trust.

(L) The Students' Loan Bureau.

5. An individual can request their own report from the credit bureau and this will provide all information about him/her that is in the credit bureau's possession.

6. It can take up to 14 days for the request of a credit report to be processed and is free once per year.

Other Features Stories