Credit Report Part 2

 

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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