Today credit reports are very important when determining one’s credibility. Credit reports contain the details about a person’s history of paying bills, criminal records, whether one has filed for bankruptcy before, where one lives and many other intricate details about a person. An individual’s credibility is crucial when it comes to getting a job, buying a house, getting a credit card, insurance, or transacting other businesses. Seeing how many facets of life are affected by this document, it’s important that the credit reports are accurate and that one has the right to dispute errors on credit reports.
- Credit scores are not only used by lenders to assess your creditworthiness but also by employers as part of their screening process.
- This practice is becoming more common and is particularly found when the position involves handling cash or confidential information.
- In certain industries, credit checks are a standard procedure.
Your credit score can affect a variety of things in your life from applying for a home or personal loan, buying a car on finance, any insurance and even applying for a new job. That is why it’s important to ensure that your credit report is correct and reflects your finances accurately.
Check your credit score and credit report at least once a year to ensure everything is correct. You can find free credit reports online to keep up to date with your credit information.
Cape Town - Credit bureaus have been inundated with calls from consumers since the implementation of the credit amnesty on April 1 2014.
Among the most frequently asked questions are:
- People who incur unnecessary debt find themselves in a position where they are no longer able to service those debts. Failure to pay debts has long-term consequences. Your name will be registered with the credit bureaus. The next time you apply for debt, your name will be flagged. This means you’ve been blacklisted and won’t qualify for a loan.
- Failing to pay off furniture you bought on credit could mean that when you’re ready to settle down, you won’t qualify for a bond. Being blacklisted by the credit bureaus can derail your future plans.
- The good news is that it is possible to clear your name with the credit bureaus. It might not be an easy road ahead. However, it’s worth it for your financial future if you can get yourself on the right side of the credit bureaus.
It isn’t enough to just get your credit report if you live in South Africa. You need to be confident that you can use that information to correctly evaluate your needs and your financial picture. Remember, this is the profile that will be viewed by lenders as well as insurance companies. Don’t be surprised if a potential employer also checks into it as that is becoming a very common practice as well.
Nothing is more disappointing and embarrassing than being declined finance. This is especially true if you believe your credit history to be in good standing.
If you believe the information is incorrect you can log a dispute with TransUnion to try and get the issue solved as quickly as possible. Inaccurate credit information lowers your credit score and in some cases could indicate fraudulent activity. There are no fees involved when you log a dispute.
This is a very common question that we get, how do I clear any judgments on my credit score? There is thousands of South African who are not informed on how to get rid of any judgements on their credit reports. In this article will I explain the two steps which you can take to obtain and maintain a healthy credit report.
Have you ever wondered why one should have a good credit rating? Your credit rating is a standard evaluation of your credit health, and it is something that will be taken in consideration from the first day that you apply for a credit card, home loan, store account etc. It is of utmost importance to work on your credit rating from the first day you start to work. In this article I will briefly describe why one should be aware of his or her credit rating and worthiness.
We have seen and read hundreds of articles about credit debt, and you will always see that people have to tackle the problem from the root cause. If you are paying back your debts, and you don’t know how you got there in the first place, then the chances are very good that you will be back in debt real soon in your near future. In this article will I explain the most common reasons why people end up with debt on their credit cards.
