Credit caution

by Anesta Henry

Barbadians are being warned to repay their loans, credit cards and hire purchase accounts on time to avoid being slapped with bad credit scores.

Managing director of Creditinfo Barbados Ltd, Kim Lewis, said consumers should be aware that their credit history affects the ability to access credit from legitimate organisations.

“Overall, the majority of Barbadians have prioritised paying off their debts. Based on the analysis, the average Barbadian still pays their accounts for the most part on time. But based on what our database is showing, persons should continue to maintain a trend as best as possible of paying their accounts on and before time to avoid companies having to write you letters or assigning your accounts to bailiffs.

“If, for whatever reason, you are unable to pay your account, I would advise going into the company and see if you can get the company to change the requirements of your payments,” she said.

As of 2023, the credit rating agency, established in 1993 under the name Caribbean Credit Check, recorded 133 103 consumers on its database.

Lewis explained that credit ratings 1 to 2 were considered “very good”, a 3 was deemed “good”, 4-5 were “average”, 6-7 considered “bad” while ratings 8-9 meant that unsettled accounts were sent to the law courts or written off by companies. (AH)

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