Creditinfo spreads awareness of financial ‘Ol’ Higue’
CREDITINFO Guyana Inc. is continuously seeking creative ways to educate locals about responsible borrowing for consumers and businesses.
The agency seized another opportunity to promote its important message by sponsoring another year of beautiful, vibrant costumes for St Ambrose Primary School in the junior category of the Children’s Mashramani Costume Parade.
Under the theme “Scoring Victory over Ol’ Higue”, the company used local folklore to highlight the danger of bad borrowing practices.
Creditinfo’s Chief Executive Officer, Judy Semple-Joseph, told the Guyana Chronicle that Guyanese consumers, since the entry of Creditinfo into the market in 2013, now have credit profiles based on their own borrowing habits.
“Like the effect of the Ol’ Higue which sucks the blood of unsuspecting victims as they sleep, if consumers and businesses do not pay attention, their bad borrowing habits could come back to haunt them,” Semple-Joseph said.
The key to wealth creation, the CEO said, is effectively managing one’s financial profile and the first step in the process is knowing one’s credit score.
The children’s float was done in three sections to highlight this matter: a red costume with a paddle, gold costume with a broom and green costume with a key depicting poor, fair and good credit profiles respectively.
With a credit score ranging from 250 to 900, the CEO said the paddle in the red section indicated a struggle, since the individual or business entity with a credit score within the range of 250-499 would have several credit issues, and is unlikely to qualify for a loan as credit may be denied altogether.
The broom in the gold section speaks to sharing and gaining knowledge to improve one’s credit profile (500 to 650), because this score could still provide challenges in accessing credit.
The key in the green section with a range of 680 to 900 means victory against odds or difficulties and the opening up of opportunities.
The CEO said consumers are continuously reminded that consistency with simple payment habits such as timely payment of utility and other bills; effective management of credit cards within limits; keeping outstanding balances low; and reducing the number of applications for credit within a short period of time, can help to improve scores and create a good credit profile.
The Ministry of Education, Unit of Allied Arts has shown keen interest in progressively improving the Children’s Mashramani Costume Parade over the years.
Semple-Joseph said this has been accomplished, thanks to the support of notable local designers.
“This has been the third year since Creditinfo has, following the initial recommendation of the Unit of Allied Arts, collaborated with St Ambrose Primary and is proud to have the children deliver useful information about Creditinfo and its importance in Guyana’s changing business environment,” she said.
Creditinfo is an information and decision solutions company that helps lenders and businesses make better informed decisions in the entire credit life cycle for individuals and companies. The agency is governed by The Credit Reporting Act 2010. It sponsored 30 children and seven teachers for the float parade.
Source: Guyana Chronicle