CreditInfo warns of risk of ‘taking out’ hire purchase items for other persons who do not pay up

Last Updated on Tuesday, 2 October 2018, 12:06 by Denis Chabrol

Guyana’s lone credit bureau, CreditInfo, is warning of the risk of buying products on hire purchase for other persons because their failure to pay their installments can determine the terms on which banks and other lenders might you money or give you credit.

Chief Executive Officer (CEO) of CreditInfo Guyana, Judy Semple-Joseph told a recent forum organised in Buxton by the International Decade of People of African Descent-Guyana that Guyanese credit scores take into account their payment history for post-paid utility bills, credits and loans.

“Ensure that if a bill is in your name that it is being paid properly. A lot of people, for example, go take out accounts for other persons at COURTS. If the person does not pay, that affects your credit score negatively. We see that and hear about that all the time,” said Semple-Joseph.

The CEO of CreditInfo urged Guyanese to ‘Know Before You Go’  their credit score by going to her office on New Market Street between Camp and Thomas Streets, Georgetown. According to the law, Guyanese can obtain their credit scores once every 12 months.

The organisation, which is governed by legislation, stressed that all bills in your name are being paid properly.

Also married women were also urged to conduct transactions in their name so they could develop a good credit score. “If you are married and nothing is in your name and then it can affect your credit history and you want to buy something on your own,” she said.

Semple-Joseph boasted that the Bureau has been able to facilitate faster access to credit. “With your credit profile, you don’t have to necessarily always have to bring proof of address and proof of every single thing… It has certainly reduced the length of time it takes for a bank to make decisions because they have direct access to the database,”

The CEO observed that COURTS has been offering credit in one hour and  a number of commercial banks have been giving same-day loans because they all have access to the credit scores for new and existing customers.