Improve your credit score
Managing your debt well is important so let us help you do just that
THE information of everyone who has an account with a credit or service provider is kept with a credit bureau. Your credit record is much like a school report card, but instead of academic scores it records how well you manage your debt and financial agreements such as your cellphone contract or clothing accounts, home-loan repayments or credit card.
By the end of March this year altogether 9,7 million South Africans had impaired credit ratings, which means they weren’t honouring their debts.
As a result these individuals will struggle to get loans.
And if they should succeed, the interest rate will most probably not be favourable because they’re regarded as high-risk candidates.
Prospective employers and property-leasing agencies also have access to your credit records and a bad record can count against you because it’s an indication you can’t manage money well.
But the good news is you can improve your credit record. Here’s how.