How to Improve Your Credit Score

The credit report and score reflect credit payment patterns over time with more emphasis on recent information. A Credit Score is a statistical estimate of the probability of default of an existing or prospective borrower based on characteristics available in the information that the Credit Bureau has collected. A poor credit score will definitely improve over time, providing that you make positive changes to the way you manage your credit obligations. A good Credit Score has significant benefits for a consumer as it relates to obtaining credit and other services. To view your Credit Score and the information provided to the Credit Bureau you need to request your credit report which is available to you for free once every year, at Should you require an additional copy within the same calendar year, you will be required to pay a minimal amount indicated on the application form.

Steps to Improve Your Credit Score:

  1. Dispute incorrect information on your credit report
    Check your identity information (National Identification and Tax Identification number, spelling of your name, address, number of inquiries made on your credit report and credit history). Review the list of all your credit facilities and outstanding debts. If you see any mistakes or questionable items, visit the Creditinfo Guyana website to file an Individual Dispute.
  2. Pay all bills on time
    On-time payments are the single most important factor in maintaining a good Credit Score; your credit won’t improve until you can consistently pay every bill on time. If you are experiencing difficulties, schedule an interview with your creditors to discuss having a moratorium or seek debt restructuring.
  3. Pay off debts and reduce your debt burdens
    If you have any outstanding balances pay these debts regularly (every month) until you have completed the payment cycle. Know your credit limits and make every effort to stay well under the recommended limit, when paying for services. It is advisable to keep credit card balances below 30 % of your credit limit to reflect a good credit score at all times.
  4. Build a credit history
    If you have no credit data, you can sign up for a small credit service or a utility bill in your name or as authorized user/ secondary party to a credit facility, as a good option for building your credit score. Establishing a good credit score will assist you in saving money over time.