Get smart about managing your credit obligations
More South African consumers are battling to pay their monthly bills, the demand for credit is not slowing down, and fewer consumers are asking for their credit records.
Check your credit records before applying for loans, a credit card of an overdraft and understand the following aspects of your credit records:
Account payment history:
How you manage your accounts and whether you pay the entire instalment amount on time every month or not;
How much you owe, how much of your available credit you’re using, and how much your debt costs you to pay off every month;
Too much debt:
Publicly available information such as judgments and administration orders issued by the courts of law, which indicate that you were unable to meet all your monthly debt obligations;
Negative information: Length of credit history:
How long each of your accounts have been open;
Account application and enquiry activity:
How many recent account applications you submitted and how many new accounts you opened; and
The accuracy of the information in your credit report is critical for your credit record’s long-term health. – TransUnion
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