Growth & Jobs | Know your credit score before you need it, JN Foundation urges

For many Jamaicans, their credit score may be just a three-digit number they rarely think about until they need a loan, want to finance a major purchase or seek credit to grow a business.

The JN Foundation is therefore urging Jamaicans to become more intentional about understanding their credit profiles and building healthy credit habits, as it marks ‘Get Smart About Credit Day’ on October 15.

The observance, which promotes greater awareness of credit and responsible borrowing, comes at a time when financial decisions can have long-term implications for individuals, families and businesses. Understanding what is contained in a credit report, what influences a credit score and how borrowing behaviour affects one’s profile can help consumers make more informed financial choices.

To mark the occasion, the JN Foundation will host a Smarter Credit Day workshop on Thursday, October 15, from 1 p.m. to 3:30 p.m. that will be made available virtually for live viewing.

“Your credit profile is an important part of your financial story, yet many people do not fully understand what their credit report says about them or how their everyday financial decisions can affect their credit standing,” said Sydoney Preddie, lead of the Youth and Education Programme at the JN Foundation.

“Get Smart About Credit Day is an opportunity to move beyond simply knowing your score and to understand the behaviours, decisions and responsibilities that can help you build and maintain a healthier credit profile,” she said.

The hybrid workshop will bring together credit and financial specialists to help participants better understand credit reports and scores, develop healthy borrowing habits, manage debt responsibly, and identify practical steps to improve or rebuild their credit.

The session will feature practical presentations, audience polls, a knowledge quiz and a moderated question-and-answer segment, allowing participants to engage directly with the experts and have their credit-related questions addressed.

Preddie said the event will be accessible to an in-person audience and livestreamed on the JN Group’s TikTok page and the JN Foundation’s YouTube channel, widening access to the financial education initiative, and invites those interested to visit the www.jnfoundation,com to register for the session

The workshop is targeting JN Financial Academy participants, families of JN Scholars, small business owners, young professionals and other Jamaicans interested in strengthening their credit profiles.

She pointed out that the JN Foundation’s emphasis on credit education forms part of its wider financial literacy work through the JN Financial Academy, which seeks to equip Jamaicans with practical knowledge to make sounder financial decisions. The foundation has previously highlighted the need to raise financial literacy and help Jamaicans better understand how tools such as credit, budgeting, savings, investments and insurance can contribute to financial stability.

She is encouraging Jamaicans to use ‘Get Smart About Credit Day’ as a reminder not to wait until they need credit to start paying attention to their credit profile.

“Being smart about credit is not about avoiding credit; it is about understanding how it works and using it responsibly,” she said. “When people understand their credit reports, know their obligations and make borrowing decisions based on what they can afford, they are better positioned to take control of their financial future.”

The JN Foundation lead said that the Smarter Credit Day workshop will provide participants with practical tools and information to help them take their first or next step towards smarter credit management.