Excellent topic as usual Kalilah! I would encourage every person to request that free credit report annually. I recently did a loan application and asked for a copy of the credit report. It reported that I was defaulting on an existing loan once every 3 or so months for the past 2 years! Luckily, I was able to complain and correct this information. Big up to the CRIF, who accomodated every request that I had to investigate the error via technological means. It was a simple, fast and straightforward process.
I have been debating with my bro in the USA for the last few weeks that we in Jamaica don't need credit cards, loans and debt because we don't really use credit scores. Thanks Khalilah I will be doing my yearly credit check. Still going to lay off the credit card for a while still. Anybody else listens to Dave Ramsey ?
I used to listen to Dave Ramsey religiously but I've come to realize the problem with his system is that you will stay there saving and paying down debt forever. He doesn't really talk about increasing your income, which will help you reach your financial goals so much faster. If I can get a higher return from the stock market than the interest rate on my car loan, then using that money to pay off the loan vs invest in stocks is a waste. If course nothing is guaranteed even you invest, but it's not that hard to beat 7%, which is about the average car loan right now
@@moneymediaja yes, Ramsey has great tips but a lot aren’t realistic for most of us, like not taking out a loan for college. As someone who had to get loans for law school, I have an appreciation for loans and that it allowed me to accomplish my career goals. Zero regrets 15 years later
Thanks for this Kalilah. Flow told me I had a low credit score and I was shocked until I realized I had no credit card to build up my credit. Very interesting
@@ackeemsalmon3746 they typed my name in when I wanted an internet modem for my new apartment. Not sure what they typed it into lol but she told me my credit score and she actually was able to tell me WHY I had a low credit score and assured me that it wasnt because of debt or missed payments. I found it fascinating.
Do you know whether there is a Consumer Financial Protection department where you may file a complaint if a business or credit reporting agency violates your rights regarding credit reporting?
Thank you think you my credit score is great but I didn't understand the process I know I pay my bills on time so I expected it to be good. I have two credit cards one I have for 5 years that's the one I use the other I have for a year I've never used it before is that a good thing or a bad thing thanks again for the video really appreciate it I watch every single one of your video love all of them
As you know, here in the States your credit score is tied to ones social security number. Question , (1)In Jamaica what is the credit score tied to? (2) is it a new concept in Jamaica? Because 25 years ago before I left Jamaica I never knew or herd anything about credit score.
About ten years ago the law came into being. You can check out the credit bureau page on the Bank of Jamaica website as well as the FAQs on each of the Jamaican credit bureau websites. Jamaica has a Taxpayer Registration Number which is assigned to individuals and companies.
@@moneymediaja thanks for responding. Oh yeah! Very likely. 3 years ago I was visiting and I was told I needed a TRN because I wanted a Jamaican drivers license. Which I did get. Keep up the good work, one love from NYC.
@@lucozadeja.3331 thanks for responding. Yes I forgot about the TRN. I had to get one 3 years ago while visiting Jamaica, because I wanted to get a drivers license. Which I did get by the way. Thanks again, one. love from NYC.
Yes they do you. Many lenders including the banks do. You pay for the credit report when applying for credit cards and loans. Check out the loan requirements for any of the banks. Also you have to give the lender written permission to pull your credit info.
Companies like Flow recently started reporting your payment patterns to the credit bureaus. Its important to pay ur loans and bills in full and on time.
Creditinfoja. Cost $1125 if you want to see the credit score. And $0 for a report without the credit score. Like really??. Whats the point of a credit report without a credit score. This must be Jamaica.
Hey there Ms. Reynolds, could you kindly make a video on how to calculate the effective annual interest rate for beginners also the best way to pay credit card bills whether its best to pay the balance before the due date or the statement close date. Thank you!
Your first baby tooth wasn't enough, lol
Apparently that doesn't count 😂
@@moneymediaja 😂😂😂
@@moneymediaja can you do a video on the pros snd cons of getting a line of credit in jamaica plz
Didn't even know they use credit score in Jamaica. 🤔🤔🤔 Thanks 4 d info. I think am gonna request mine
Excellent topic as usual Kalilah! I would encourage every person to request that free credit report annually. I recently did a loan application and asked for a copy of the credit report. It reported that I was defaulting on an existing loan once every 3 or so months for the past 2 years! Luckily, I was able to complain and correct this information. Big up to the CRIF, who accomodated every request that I had to investigate the error via technological means. It was a simple, fast and straightforward process.
Ooohhh this is really good❤ thanks kalijah
Thank you for this info. I didnt know jamaica has credit store now....since when?
I have been debating with my bro in the USA for the last few weeks that we in Jamaica don't need credit cards, loans and debt because we don't really use credit scores. Thanks Khalilah I will be doing my yearly credit check. Still going to lay off the credit card for a while still. Anybody else listens to Dave Ramsey ?
I used to listen to Dave Ramsey religiously but I've come to realize the problem with his system is that you will stay there saving and paying down debt forever. He doesn't really talk about increasing your income, which will help you reach your financial goals so much faster. If I can get a higher return from the stock market than the interest rate on my car loan, then using that money to pay off the loan vs invest in stocks is a waste. If course nothing is guaranteed even you invest, but it's not that hard to beat 7%, which is about the average car loan right now
@@moneymediaja Do you have invest for like 5 years to make profit from the Stock Market
@@moneymediaja yes, Ramsey has great tips but a lot aren’t realistic for most of us, like not taking out a loan for college. As someone who had to get loans for law school, I have an appreciation for loans and that it allowed me to accomplish my career goals. Zero regrets 15 years later
Thank you! This helped me ! let's get this money!
Woohoo!
Thanks for this Kalilah. Flow told me I had a low credit score and I was shocked until I realized I had no credit card to build up my credit. Very interesting
How did flow know that?
@@ackeemsalmon3746 they typed my name in when I wanted an internet modem for my new apartment. Not sure what they typed it into lol but she told me my credit score and she actually was able to tell me WHY I had a low credit score and assured me that it wasnt because of debt or missed payments. I found it fascinating.
@@kloisgooden hmmmmm, you don't say
@@ackeemsalmon3746 Lois gave permission for flow to check her credit score on the form she applied for the internet (modem) on.
oh wow
Thanks for the knowledge Kalilah, very useful for us young adults.
Do you know whether there is a Consumer Financial Protection department where you may file a complaint if a business or credit reporting agency violates your rights regarding credit reporting?
Super content keep being a trend setter
How do i check it ???
Useful info! Thanks👍🏽
Kalilah, excellent program as usual. Next time do a programme on Wills.
Interesting, I've never really thought of that one. Will put it down
Thank you Kalilah. I guess the proper termination is Estate Planning.
@@independentc4348 ahh yes
You failed to mention Canada🍁 as a active player in the wider money space ; Jamaicans here like myself, do follow you
I will have to remember next time
Thank you think you my credit score is great but I didn't understand the process I know I pay my bills on time so I expected it to be good. I have two credit cards one I have for 5 years that's the one I use the other I have for a year I've never used it before is that a good thing or a bad thing thanks again for the video really appreciate it I watch every single one of your video love all of them
Thanks Kemar. Let me know when you apply for your credit report and if it's what you expected
Very useful!
Also I'm having a hard time figuring out how to sign up for the newsletter. I'm not seeing It on the website.
It's all the way at the bottom. I'm getting the developer to move it up. It also seems like it might not be working
I'm so trying getting my credit score before getting an personal loan, got a whopping 18%. If it doesn't work unsecured loan is not for me again.
The best you'll probably get on that type of loan is 15% right now. Scotia sent me an email offering me an unsecured loan at 18%
Will a credit bureau use international credit scores to send to banks?
Good question. I don't know
As you know, here in the States your credit score is tied to ones social security number. Question , (1)In Jamaica what is the credit score tied to? (2) is it a new concept in Jamaica? Because 25 years ago before I left Jamaica I never knew or herd anything about credit score.
About ten years ago the law came into being. You can check out the credit bureau page on the Bank of Jamaica website as well as the FAQs on each of the Jamaican credit bureau websites.
Jamaica has a Taxpayer Registration Number which is assigned to individuals and companies.
more than likely it's tied to your TRN (tax registration number) but I don't know for sure
@@moneymediaja thanks for responding. Oh yeah! Very likely. 3 years ago I was visiting and I was told I needed a TRN because I wanted a Jamaican drivers license. Which I did get. Keep up the good work, one love from NYC.
@@lucozadeja.3331 thanks for responding. Yes I forgot about the TRN. I had to get one 3 years ago while visiting Jamaica, because I wanted to get a drivers license. Which I did get by the way. Thanks again, one. love from NYC.
Do they really use credit scores in Jamaica though?
Yes they do you. Many lenders including the banks do. You pay for the credit report when applying for credit cards and loans. Check out the loan requirements for any of the banks. Also you have to give the lender written permission to pull your credit info.
they absolutely do! All the lenders do, hence this episode. The more you know...
Companies like Flow recently started reporting your payment patterns to the credit bureaus. Its important to pay ur loans and bills in full and on time.
Hi Kalilah, could I put my child's name on a credit card or a utility bill to build her credit until she's grown up?
No. Better to teach them money management early
Creditinfoja. Cost $1125 if you want to see the credit score. And $0 for a report without the credit score. Like really??. Whats the point of a credit report without a credit score. This must be Jamaica.
Now I'm really curious about my score🤔
I just posted the links in the description to apply online for your free credit report
💯
Yu more pretty k
😊 Thank you
Giveaway
The average Jamaican isn't qualified to take out a credit card
Hey there Ms. Reynolds, could you kindly make a video on how to calculate the effective annual interest rate for beginners also the best way to pay credit card bills whether its best to pay the balance before the due date or the statement close date. Thank you!