Consumers Encouraged to Check Credit Bureaus Regularly

The Consumer Affairs Commission (CAC) is encouraging citizens to do regular checks with credit bureaus, to ensure that the information on file is accurate.

A credit bureau is an agency which collects information from a wide variety of financial and nonfinancial entities, including microfinance institutions and credit card companies. It provides comprehensive consumer credit information with value-added services, such as credit scores, to private lenders.

Chief Executive Officer (CEO), CAC, Dolsie Allen, told JIS News that Jamaicans are permitted one free credit report per year.

“You are to just ask them for it,” said Mrs. Allen, noting that the reports may include errors, and as such, persons “need to check it and… point [it] out because it will affect you later down the road.”

She indicated that there are several credit bureaus in Jamaica that keep a check on consumers to see how well they are managing themselves in terms of money, payment of utility bills, insurance premiums and hire-purchase arrangements, among others.

Mrs. Allen also pointed out that with a clean credit, consumers are able to access better loan facilities and interest rates.

“Sometimes persons are turned down for a loan and they wonder why. It could be that the credit rating was not so favourable, so we encourage persons to ensure that you check with these credit bureaus on a regular basis,” she said.

She further urged consumers not to walk away from their obligations with a financial institution, as such action will not just affect their credit rating but also future transactions.

The CAC is an agency of the Ministry of Industry, Investment and Commerce. Its role is to enforce the Consumer Protection Act and facilitate ethical behaviour in the marketplace between vendors and consumers.

For further information, persons may visit the CAC’s website at cac.gov.jm; download the CAC Jamaica mobile app; connect with the agency on Facebook, Instagram and Twitter; call 876-619-4222-30 or email info@cac.gov.jm.

Source: JIS