Im­prove your credit score

Man­ag­ing your debt well is im­por­tant so let us help you do just that

YOU (South Africa) - - CONTENTS -

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.

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