Get smart about manag­ing your credit obli­ga­tions

The Citizen (KZN) - - FRONT PAGE - Ac­count pay­ment his­tory: Too much debt: Neg­a­tive in­for­ma­tion: Length of credit his­tory: Ac­count ap­pli­ca­tion and en­quiry ac­tiv­ity: Keep up­dat­ing:

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: 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;

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; How long each of your ac­counts have been open;

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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