10 Reasons why you should get your credit report (infographic)


Your credit score is a very important part of your financial security, yet most people do not even bother to check their credit rating until they need to make a big purchase, such as a house or car. Imagine the horror of being turned down for finance because you are informed that your credit rating is low.

In order for you to have complete control over your credit rating and financial peace of mind, you must check your credit score on a regular basis.

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What is the difference between a hard and a soft inquiry?


You may or may not be aware that every time you apply for credit and an inquiry is made on your credit report, it counts against you and reduces your credit score. Furthermore, alarm bells could well go off when a potential credit grantor sees multiple credit inquiries. In order to maintain a good credit profile and score, you want to keep these inquiries to a minimum.

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Increasing your credit score (use a third party or not?)


Many people find themselves in a situation where their credit score has deteriorated and they have great difficulty obtaining any form of credit. Apart from the inconvenience of not having access to credit cards, personal loans or store accounts, bigger purchases such as vehicles or property will be virtually impossible.

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Do I have to make debt to get a good credit score?


One of the ironies about credit is that if you do not have any, it is difficult to get.

When you apply for a loan, for finance or any kind of credit, the company you are hoping to provide the credit will do a check on your credit history. They will request a report from one of the South African credit bureaus to determine your credit worthiness.

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5 Things that will affect your credit score the most


Make no doubt about it, unless you plant to live in a treehouse near the beach and live off the land for the rest of your life, you are going to need credit and you will want to have a good credit score. The better your score, the better your chances of getting credit and, in many cases, the better interest rate you will receive. A good score puts you in a stronger bargaining position with the credit provider as they will see you as a good payer and want to grant you credit.

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Credit score ranges explained


We all know that the credit bureaus compile information on all credit transactions we are involved in and make these reports available to financial institutions and potential lenders when we are looking for credit, financing or a loan. We understand that they generate a score based on all this information and numerous other factors and this will impact our ability to access credit and very often, the rate of interest we will pay. Remember, with vehicle finance and particularly a bond, even a 0.5% reduction in interest rate can make a significant difference. That is generally where the understanding ends and few people know what a good score is or what a bad score is.

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Disputing errors on your report


As with anything, errors can creep into a credit report. It is important to inspect your credit report for errors in order to rectify them and have them removed.

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How to understand your credit report (the easy way)


With the exception of those living completely off the grid, or people with no bank account, store accounts or any type of credit account, all South Africans have an extensive and detailed credit report that is registered with several companies known as credit bureaus.

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