Credit Report Part 2

 

Welcome back if you've been following, and a big hello to the new readers. Please do check out my introduction post HERE and hit the subscribe button so you don't miss out on our new content. 

In Part 1 of Credit Profile, I delved into credit profile, clarified that it is like a credit report for your financial behavior. I went on to discuss how it can open opportunities for you or limit them, including employment and rental applications. I further listed the major credit bureaus where you can retrieve your credit profile in South Africa, to check what story it tells about your financial conduct. You can click PART 1 of the Credit Profile to read more about the importance of a credit report.

In Part 2 of the Credit Report, we tackle how to improve your credit report and keep your profile strong. The great news is that you can take control of your credit reputation, you can improve it and ensure that it speaks well of you.

Tips to Build a Strong Credit Profile

• Pay on time

Always pay your bills and instalments by the due date. This will boost your credit profile and protect you from being listed as a late payer.

• Don’t max out your credit

Always ensure that you use a very small amount of your total credit allocation and pay it back on time to avoid looking like you rely too much on credit, which will negatively affect your profile  (TIP: Only use 30% of your credit allocation).

• Limit new credit applications

Making too many credit applications in a short time can look risky, it shows up as enquiries in your profile and weakens your credit worthiness (TIP: only apply for a new account once a year if there is a need).

• Check your report regularly

Spot and dispute errors quickly, this helps remove incorrect information from your credit profile (TIP: Check your credit profile quarterly at the very least).

• Settle outstanding debts

Pay accounts in arrears as they show up as adverse information or defaults which negatively impacts your profile. Clear up old accounts and judgments as they weaken your profile. 

Please Consider 

Now having understood what a credit profile is and used for in the South African financial system, what small steps can you take today to build a good credit profile? Tell us in the comment section

Needing further assistance? 

If you are struggling with accessing your credit profile or have downloaded your profile but you are unable to read or understand it or simply want to learn how to improve your credit profile, you are welcome to WhatsApp me on 0799378342 to book an online consultation where I'll give you a customized solution fit for your needs. Please watch the video below for more details 👇

Bonus for Businesses and Companies 

The next post will be dedicated to discussing Company Credit Profile, so if you are a business please keep an out for my next post to learn how to access your company credit report and how to improve it.

Thank you for stopping by. Please leave us a comment and if you've found this information to be valuable, please share it with your friends. You may also reach out to us through the contact form on the side bar. 

Disclaimer: I'm not a financial advisor. This is based on personal experience and for educational purposes only.

~Revive Your Credit, Revive Your Life

Credit Report (Part 1)

Ever Heard of a Credit Profile Before?

Welcome back if you've been following and a big hello to the new readers, please do check out my introduction post HERE and hit the subscribe button so you don't miss out on our new content.  

Have you been shocked trying to open an account or take new credit, only to be told that "Your Profile doesn't qualify"? Well, I've been in the same predicament too, trying to apply for a home loan and didn't even know what a credit profile was or how it works. I was shocked and saddened because I was servicing all my debts, well most times at least, so I thought I was handling them well until that very moment, which was another incident that forced me to want to learn about credit systems in South Africa.

The sad part of it all is thinking, how can I be declined credit when I don't have any debts, and I always buy things with cash? Yes, it happens, many of my clients were denied vehicle financing and other credit, even though they were not owing any debts, their credit profiles were too clean, without any debt history, which is a risk for creditors. But stay with me so we can explore the credit profile together, learn what it is, how it works, and how it can benefit you or hinder your financial goals.

Credit Profile Explained

A credit report also credit profile is like a report card for your financial behavior. It’s a summary of how you’ve managed credit, such as loans, credit cards, cellphone contracts, and store accounts over time. This profile is compiled by credit bureaus and used by lenders (banks, stores, etc.), landlords, and even employers to decide if they can trust you with money, tenancy, or employment, so you can think of it as your financial reputation. Just as you’d want a good reputation in your community, you want a strong credit profile in the financial world.

Where do I Get My Credit Profile?

In South Africa, everyone is entitled to one free credit report per year from each of the major credit bureaus which are TransUnion, Experian, Compuscan, and XDS, and can be accessed from their official websites, phone apps, or even at money markets. You may be required to register and verify your identity by providing an ID and sometimes proof of address. The credit report can be downloaded instantly or emailed to your address. Always ensure you check your report for errors or unfamiliar accounts, as mistakes can affect your creditworthiness.

Note: You don't have to have credit or loans to get credit profile in South Africa, anyone can get their credit profile from the credit bureaus. 

What’s Inside Your Credit Profile?

Your credit profile will include your personal details, your credit accounts such as  loans, credit cards, and store accounts open and closed, the payment history including missed payments, any defaults or judgments against your name, and any credit inquiries in the last 12 months.

Benefits of a Strong Credit Profile

A good credit profile opens doors for you to access credit from lenders at the best possible interest rate. It can make life expensive or cheaper for you and can limit opportunities. Whenever you apply for credit like a cellphone contract, car finance, or a home loan, the company checks your profile to assess risks, to determine whether you are likely to pay them back or not.  Your profile can also influence your rental applications and even some employment opportunities. People want to work, employ, and allow rental to people they can trust, and this is where your credit profile can either promote you or sabotage opportunities for you...

In the next post I'll show you how to use your credit profile to improve your score and take action so keep an eye out!

Thank you for stopping by. Please leave us a comment and if you've found this information to be valuable, please share it with your friends. You may also reach out to us through the contact form on the side bar. 

Disclaimer: I'm not a financial advisor. This is based on personal experience and for educational purposes only.

~Revive Your Credit, Revive Your Life

Welcome To my Blog

My name is Lindiwe and I'm a Credit Repair Coach based in South Africa but currently pursuing Masters degree in Ireland. I own a company called LN Credit Revival Co. which is a credit repair company that helps individuals struggling with debt, low credit scores or those who are under debt review to take back control of their finances and rebuild their credit with confidence.

Let Me Be Honest

Not so long ago I found myself deep in debt and financially overwhelmed, I didn’t know how I was ever going to bounce back. I had made mistakes that so many people make not because we’re careless but because we’re not taught how credit really works or what our rights are and that's how my journey of becoming a credit repair coach started, it was because I needed help myself. 

My Breakthrough

I had explored so many endeavors to come out of debt including side hustles, however, my breakthrough only came when I decided to stop trying to figure everything out on my own. I found a credit repair coach who truly changed my life. Through their training and mentorship, I learned how the South African credit system works, how to challenge prescribed debts which are debts that expires after three years without being serviced under the NCR and learnt how to start rebuilding from the ground up.

How is My Credit Now?

My credit isn’t perfect yet and I still have a few challenges I’m working through, so my journey is still on going, but with more clarity and understanding. I now have the tools, knowledge, and the experience to help others take those first steps just like I did.

The Reason Behind This Blog

The reason for starting this blog is to help those who are in same predicament as I was, those overly indebted with defaults, judgments and those people trying to rebuild, whether having a goal to buy their dream house or a car but are being hindered by their debt decisions or even those people wanting to become financially free again. 

This blog is your space to learn, grow and get real advice that works in the South African credit landscape. Every week, I’ll be sharing tips, insights, strategies, and even some of my own progress because we’re all walking this road together.

How Can I help You?

I have taken what I’ve learned both from real life and from formal coaching and turned it into a business where I now help people navigate their credit life and regain financial freedom. So whether you're dealing with defaults, debt review, prescribed debt, or just need to raise your credit score to qualify for a bond, vehicle finance, or a credit card I’m here to support you. 

I’m so glad you’re here, if you’re ready to take back control of your finances let’s do this one step at a time.

Thank you for stopping by. Please leave us a comment and if you've found this information to be valuable please share it with your friends. You may also reach out to us through the contact form on the side bar. 

Disclaimer: I'm not a financial advisor. This is based on personal experience and for educational purposes only.

~Revive Your Credit, Revive Your Life