Growth & Jobs | From debt to discipline: How two Jamaicans rebuilt their credit and confidence

WHEN DAWNETT Pryce-Thompson walked into a car dealership nearly a decade ago, she was ready to treat herself. After years of driving an old, unreliable car, she felt it was finally time for an upgrade. Confident in her financial standing, bills paid, mortgage steady, no visible debts, she never imagined that her loan application would be rejected because of bad credit.

“I was shocked,” she recalled. “I paid my light bill, water bill, and mortgage every month. I didn’t owe anybody, at least I thought I didn’t. I just couldn’t understand how I could have bad credit.”

Pryce-Thompson was relating her experience at a recent Smarter Credit Workshop organised by the JN Financial Academy, held at the corporate offices of The Jamaica National Group in New Kingston recently.

That rejection marked the beginning of a hard but transformative journey for Pryce-Thompson, one that taught her the value of financial awareness, record-keeping, and checking her credit report annually.

Pryce-Thompson had once accepted a credit card offer she didn’t fully understand. The card, initially worth $10,000, became a lifeline during tough times. But missed payments and interest charges began to snowball. Years later, when she tried to apply for her car loan, that same forgotten card, now bloated with accumulated interest and penalties had tarnished her credit history.

“The card was from years before. I had even paid it off,” she said. “But someone didn’t update the records. It looked like I still owed over $300,000. I couldn’t believe it.”

With advice from her boss, Pryce-Thompson visited the credit bureau and filed a dispute. Thankfully, she had kept the old payment receipt tucked away in what she fondly described as her “little suitcase of papers”. That one document changed everything. After an investigation, the bureau corrected the error, and her credit was restored.

Since then, Pryce-Thompson had made it her mission to stay vigilant.

“I check my credit report at least once a year and keep every receipt,” she said proudly. “If it’s not in my bank book, I’m not spending it. And when it comes to credit cards, I always pay in full and on time.”

She eventually got the car she wanted, and more importantly, the knowledge to manage her finances wisely.

“I just wish I knew all this 20 years ago,” she said. “It would have saved me a lot of stress.”

SURVIVING DEBT AND A PANDEMIC

For Devrhoid Davis, the road to good credit came through a different kind of trial, one fuelled by entrepreneurship, economic shock, and personal determination.

In 2019, Davis left his full-time job to start a financial education business teaching people how to invest. It was a bold move that seemed promising until the pandemic struck just months later in 2020.

“When COVID-19 hit, my business dried up overnight,” he said. “Nobody was investing, and I still had loans to pay, about $4 million in total, including a $600,000 credit card,” he shared.

With income gone and debt rising, his credit began to suffer. But instead of running from his creditors, Davis decided to stay in touch. “The first thing I did was maintain communication with the bank,” he explained. “Even when I couldn’t pay, I wrote letters explaining my situation. That made a difference.”

Eventually, he secured a new job and began rebuilding. Nearly 70 per cent of his salary went towards debt repayment. “It was tough,” he admitted, “but I prioritised paying off what I owed.”

He also began educating himself about credit, learning how scores are calculated, what affects them, and how to interpret credit reports. “I got my free report every year,” he said. “It helped me track my progress and make better decisions.”

Through consistent payments, negotiation, and debt consolidation, Davis gradually closed his accounts, some at reduced settlements. Today, he has a strong credit score and a renewed sense of financial discipline.

“Credit is like your financial report card,” he said. “If you understand it, you can negotiate better loans, lower rates, and shorter repayment periods. The key is to stay informed, stay in touch, and stay committed.”

Every Jamaican is entitled to a free credit report each year. This report can be made available by making a request to the credit bureaus.

The Smarter Credit Workshop held under the theme, ‘Cultivating Good Credit Habits’, emphasised the importance of responsible credit management in the pursuit of long-term financial stability and access to better financial opportunities. Participants who attended the workshop were guided through practical steps on how to understand, build, and maintain strong credit scores.