In This Episode
The Coronavirus has brought havoc to our lives and our economies.
While some people are going to default on their payments and cause massive harm to their credit scores, others will use this opportunity to fix and increase their score.
In this webinar, Justin Harrison and David Bester explain how you can make the best of this lockdown period and use it to get a great credit score.
They will explain how to negotiate lower payments with creditors and show you what to do if you can not make your current payments on time.
8 Steps To Get A Great Credit Score
Get your credit report every month to track the progress you are making. It's a process that you have to follow and track every month and not a once-off quick fix.
Analyse your credit report and look for errors. They appear far more often than you think.
Dispute the errors on your credit report with the bureaus
Stay organised in the dispute process and document all communication. Keep proof of them and mark them down in a spreadsheet.
Do not dispute more than 1 item at a time
Set up a budget and stick to it. See it as a means of increasing your net worth and not as a restrictive process. We recommend the envelope budgeting method.
Negotiate lower repayment terms with your creditors. Show them your budget and what you can afford to pay. You will be surprised how lenient some of them are - especially during the lockdown period.
Track the changes you make every month and document the positive/negative changes on your credit report. This point relates back to point 1 where we mentioned that you need to track your score every month.