Paid off your debt? Your credit report may still show late payments

Jamaicans who settle overdue debts may have to wait longer to repair their credit profiles, as paying off arrears does not erase the record of previous late payments, credit bureau representatives have warned.

“If you do pay off that outstanding amount, the information prior to you paying off the facility, that information would still remain on the credit report,” said Oraine Potopsingh, business development representative at EverydayData.

Speaking at a JN Financial Academy Smarter Credit forum, Potopsingh explained that when an account falls into delinquency, a credit report can show the amount overdue and the number of days the borrower is behind on payments. He encouraged consumers to check their credit reports and ensure that payment information is accurate. Keeping payment receipts or confirmation from the financial institution can help borrowers address discrepancies between their records and the information on their reports.