Four top questions to help you take ownership of your credit record
Tim Johnson, Sales Director/Licensee for Seeff Dolphin Coast, outlines how to get a grip on your credit record, one of the critical building blocks of your financial health, to help you get into the property market. Having no credit record can be just as bad as having a poor credit record, because banks and lending institutions need to be able to check to see how you manage your debt. Furthermore, the quality of your credit record determines the interest rate you are likely to get when applying for a home loan or vehicle finance. In many cases potential employers also request to check candidates' credit records as a measure of ascertaining their financial stability and credit behaviour. When trying to rent a property, your credit record is the first item on a landlord's checklist. Your credit record contains your name, ID number, contact details, details of your credit accounts, payment history, details of any judgments, and the details of anyone who has enquired on your record. It is important to note that you have to give written consent for someone to do an enquiry. Here are four questions about credit records that are worth having the answers for. How do I check my credit record? Everyone can do one free credit check on themselves per year. You can do this at www.transunion.co.za. Can an error on my record be corrected? Yes. Contact the Credit Bureau and it has 20 days to investigate a complaint and report back to you. Can my records show fraudulent transactions? Yes. Check if accounts have been opened in your name without your consent. How can I improve my credit rating? If you do not have any credit, then open up an account – but make sure you pay the full amount owing every month. If you are in the market for a house or potentially looking at renting a property, it is advisable to first establish that your credit record is as clean as possible, or to start one by opening an account and building a positive profile. Take ownership of your credit record and it will stand you in very good stead. For further information contact Seeff Dolphin Coast Sales Director/Licensee Tim Johnson on 082 424 6202, office 032 586 0170 email: tim.johnson@seeff.com.
