Benefits Of Knowing your Credit Score
Unlocks access to better credit deals.
Improve your chances of being approved for credit.
Protect your financial identity.
Cash isn't the only option when it comes to buying a car. But, as with any big purchase, it's important to weigh up your options first.
You may have avoided contracting Covid — but did your credit score? Let's take a closer look at what's happening and what you can do about it.Read more
If you're sinking in a sea of debt, it can be tough to keep the loan sharks at bay. Here's how to avoid bad choices when it comes to Personal Loans.Read more
Get by with a little help from your swipey plastic friend each month? Beware the cost of credit card debt!
For a lot of people, staying debt-free is nearly impossible. At some point in your life, you may need credit to buy something, like a house or a car.Read more
Why is it important to shop around when deciding on or upgrading a credit card? Interest rates differ from bank to bank and profile to profile, as do the terms & conditions of each product.Read more
A Credit Report is a confidential report that details your borrowing and repayment history. It contains personal information and information on your credit agreements like your home loan, credit cards, overdrafts, Personal Loans, and Cellphone Contracts. This information is displayed over a 24-month period detailing how you have paid these debts every month. Information of any judgements or defaults taken against you is also found on your Credit Report, this information can have a very negative impact on your overall creditworthiness. Credit bureaus collect this information in order to make Credit Reports available to help determine the risk in providing you with credit.
A credit rating or score is a points system based on the borrowing and repayment history contained in your Credit Report. The credit rating is used by banks and other financial services providers to determine whether a loan should be granted based on your risk profile.
A record of your current and fully repaid debts. Your credit history helps banks and other financial services providers determine whether you have a history of repaying debts in a timely manner. This will help determine your creditworthiness. Your credit history will reflect on your Credit Report for a period of 24 months.
Organisations that collect individual consumer credit information and provide Credit Reports to potential lenders, employers, landlords, etc., for purposes of aiding in their decision-making process.
Debt consolidation is when a debtor takes out one loan to pay off other smaller loans or debts. This is usually done to secure a lower interest rate. It also makes monthly repayments easier as the debtor is paying off one loan instead of many different ones.
A Personal Loan is a financial contract in which one party borrows a specific amount of money from another party that is to be paid back over an agreed upon period of time. It is a type of loan that can be used when experiencing long- or short-term cash flow problems.