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In January, #FinanciallyFocused hosted a Debt Healing Seminar and it was eye-opening how persons shared the nightmare that debt and the damage to their ability to get credit to fund their life.  It wasn’t just about getting clear on the relationship with debt and how it can be reduced or eliminated.  The participants of the Debt Healing Seminar shared the overwhelming shame that they feel about the debt they carry.  Be sure to get your FREE investment course at www.financiallyfocusedmedia.com The participants in the Debt Healing seminar shared that in order to cope with the debt, they drained their savings account and borrowed from friends to stop bill collectors from harassing them.  However, what stood out the most was the story of a woman, let’s call her Andreen, who sold her house to stop the bank from sending bill collectors after her.  Yet, the proceeds of the house sale were not enough to cover Andreen’s total debt.  There had been mistakes in how the interest was calculated by the bank and also mistakes in how Andreen’s account was handled.  This meant that Andreen had to go through months of trying to convince the bank that she was not in error.  Andreen felt overwhelmed with the volume of paperwork required to sort out her credit situation and save her house.  So Andreen ended up with no house, no ability to borrow again to fund her business because her credit report was in negative.  Andreen’s good name was tainted. Right now, Andreen’s business is on the verge of closing and she is living in the helper’s quarters of her daughter’s house.   In the Debt Healing Seminar, it was clear that credit repair was something that was new to Jamaica and had not been fully understood by banking professionals.  Neither did self-employed persons understand what the process of credit repair and credit restoration meant and how it could work in your favour.  Bottom line was that had Andreen gotten a credit repair specialist to work with her, she could have saved her house.  And that was the fundamental takeaway from the January event.  Credit repair and credit restoration saves families, saves businesses, and builds back a borrower’s good name.  Let us be clear, credit restoration is not a manner to get away from paying back what you owe.  By having credit, you are using someone else’s money as payment for your purchases. In addition, it also indicates that you are swearing to repay the money to the agency or person that loaned you the amount.   If you are applying for a loan, credit card, or mortgage, it is normal for the agency to check your creditworthiness. This is essentially based on the assessment of your credit history, thus helping them determine the possible risks of the deal and decide the terms of the loan. Positive assessment means good financial background, which increases your chances of applying for credit.