![]() ![]() NCB told Sunday Finance that while the information contained in the credit bureau report, along with the generated credit score, are important factors in determining a customer's creditworthiness, they are not the only variables which are taken into consideration. We understand, however, that sometimes individuals may face challenges that impact their credit scores such as unexpected expenses, job loss, or health issues in such cases we try to assist our customers to find the best-possible solutions to help them manage their debt, which will improve their credit scores over time." That risk profile is a material consideration in the rate, terms and conditions extended to customers."Īs for the National Commercial Bank the reply was, "While the information contained in the credit bureau report, along with the generated credit score, are important factors in determining a customer's creditworthiness, they are not the only variables which are taken into consideration when assessing a client's creditworthiness as other factors such as income, employment history, repayment history of previous credit facilities held by the customer, among others, are also taken into account. The Bank of Nova Scotia Jamaica gave a similar response: "Scotiabank utilises its internal scoring model and credit bureau data to determine the risk profile of customers. Therefore, credit reports are mandatory for all borrowers." JOHNSON CUNNINGHAM.Currently Sagicor Bank Jamaica does not rely on credit scores for risk assessment for borrowers.Ĭhorvelle Johnson Cunningham, CEO of Sagicor Bank Jamaica (SBJ), responding to that question told Sunday Finance, "Currently SBJ does not rely on credit scores for risk assessment for borrowers.Sagicor Bank relies on the invaluable information in the credit reports to inform our lending decisions but continue to do a risk rating for each client using our internal risk assessment framework which correlates to the ultimate pricing/interest rate of our approved credit facilities. "It is that track record which is taken into consideration in calculating your credit score," Christopher Brown, CEO of EveryData Jamaica Ltd (formerly CreditInfo Jamaica), told the Jamaica Observer. ![]() ![]() In particular, it helps to predict how likely they are to repay a credit facility. ![]() That became a provision of the financial landscape in Jamaica since 2010 when the Credit Reporting Act was passed.īut do banks rely on what is in these credit reports to determine things like what interest rates and other terms to offer for loans? The answers is yes, but it is not the only thing banks take into consideration when they are considering your loan application.įirst, credit scores, which are embedded in the credit reports generated by credit bureaus, are a measure of an individual's or company's creditworthiness, as it represents a prediction of their credit behaviour. IF you have tried to borrow money from any financial institution in Jamaica over the last decade, you would have had to provide a credit report to the entity you are borrowing from before that loan is processed. ![]()
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