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In Jamaica, your bad debts remain on your credit report forever, while in the US, they drop off every 7 years. This means that your credit report is a very important document in building wealth and must be carefully protected.  

Michelle Toyloy Carter, Chief Operating Officer Credit Information Services (CIS), Jamaica shares how to use the Credit Bureau as a tool to help with debt forgiveness.

The very first point that Mrs. Toyloy Carter makes is that so many persons have blindly relied on salary deductions to take care of loan obligations. What many persons do not realize is that if the loan is paid over late through salary deduction, that hurts your credit score.  

Next, there are critical steps to help persons manage their relationship with the credit bureau.

1. Request your credit reports

2. Review your credit reports

3. Dispute credit report errors

4. Pay off any debts

Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car? You’re not alone. Many people face a financial crisis at some point in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn’t have to go from bad to worse.  You can reach out to your lender or creditor and find out what options or programs are available. These programs are sometimes called """"hardship"""" or """"relief programs."""" These programs may allow you to enter into an agreement to:

Defer or pause one or more payments

Make a partial payment

Forbear (temporarily stop paying) any delinquent amounts

Modify a loan or contract

Receive a suspension for federal student loan payments

Other assistance or relief    

Check out this training on the 12 steps to getting control of your debt.

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