- Never sign an agreement or contract that you don't understand. Instead, take your time and read through it again or ask someone to explain what the terms mean. - Signing a loan agreement says yes to certain terms in exchange for the money. If you don't fully understand what these terms are, you could be tying yourself up in unfavorable terms without realizing it.

Credit scores seldom stay the same, fluctuating all the time is normal. If you notice a drop in your credit score, there are a number of explanations as to why it has dropped. It is not something to be concerned about. Many factors can affect your score like defaulting on loan repayment or even being approved for a new loan or new credit card.

You should do a credit bureau check often to make sure you can get results when you need them regarding credit. The last thing you want is to make plans to buy a car or a home or other type of purchase and then get denied credit. If you do get approved, you want it to be very with very good terms. High interest rates even on your credit cards can continue to eat away at your disposable income month after month. Many people never should have been denied credit though or paid such high interest.

It seems that getting a credit card is easier today than ever before. Banks seem to hand them out arbitrarily. For many people, a credit card is permission to go on a shopping spree. Before they know it, they’ve reached their credit limit, and the money they’ve borrowed needs to be repaid.

You have probably realised by now that there is nothing more important than having a good credit score. Your credit score is the first thing that all lenders and creditors will look at before granting you any form of loan, whether you are looking at applying for a mortgage, personal loan, clothing shop account and even applying for a job. We as South African citizens should know the importance of having a healthy looking credit score in order to maintain a normal lifestyle.

A lot of ignorance and misinformation exists surrounding the credit industry and the functioning of credit bureaus in South Africa. There have also been a number of changes in recent years, mostly designed to offer additional protection to the consumer. It is important for people to understand how the system works so that the are able to maintain a good credit rating or improve one that is poor.

Next time you’re at a dinner party and there's a lull in the conversation, ask people about the biggest bargain they have ever bought. And then fill everyone’s glasses, as you’re probably in for some fantastic stories. When it comes to bargain hunting, sheer luck sometimes comes into play, such as when I drove past a donkey cart on its way to the dump and spotted an antique oak washstand with marble top about to be sold for firewood.

- When you apply for finance and are told your credit score is poor, you need to investigate why. Most people know it’s a skeleton in the closet: a debt they knew they had but didn’t pay. For others, there is not immediately a valid reason for a poor credit score - Whichever is the case, it is essential that you take steps to improve your credit score and keep it healthy. Then you can access loans and other financings easily.

Identity theft is easier to pull off than we think. Most people are under the impression that the only people that get affected by identity theft are the uninformed, naïve or trusting individuals that become a victim of identity theft. In reality, that couldn’t be further than the truth. It has been estimated that identity theft costs the economy approximately 1 billion per year and growing. There are new scams and identity theft techniques appearing almost on a weekly basis. As technology and our use thereof changes, the opportunities for thieves to get hold of personal information is on the rise and we all need to become increasingly vigilant, particularly as we transact more and more online.

It is important that your credit should be in a good shape before applying for any type or form of loan. This will help you to see what your credit status is and that you have the correct information for the loan application. You should know that the lenders will always do a credit check on you before granting you that much needed loan and if your credit is nor good and the lenders see it, then it will reflect on your credit report.

Even with interest rates on the rise, you can still manage your debt. Here's how: The first quarter of 2014 has hit consumers’ pockets hard: the inflation rate has reached the 5.9% mark after a third consecutive increase in February 2014 and the repo rate, which many predicted would only change in March 2014, was increased by 0.5% at the end of January 2014.

If you are thinking about getting a loan, your first course of action should be to get a credit bureau report. By doing so, you will be able to make sure you have all of the accurate information you need to proceed. You will know what your credit score is and what information lenders are going to find.

There can be plenty of mistakes on your credit report, and that is why you need to keep an eye on it. At least once a year you should be going through everything with a fine toothed comb to see what is on there. If you find any problems with amounts of debt, payments, or even accounts that don’t belong to you then you should follow the procedure for getting them corrected.

Have you, like millions of South Africans; have been denied a loan, clothing accounts, mortgages or even a job? Are you feeling that your life is standing still due to your bad credit rating? In this article will I explain, in depth, on how to remove the bad elements from your credit report, so that you can carry on with your normal life.

In this world of credits and loans to buy the comfort that makes life easy and good to live a good credit situation is very necessary for everyone. As a result, therefore, one should do a credit bureau check often. This is also necessary due to the fact that financial activities are not a static entity and change every day as our demands are satisfied. As a result of this constantly changing situation, being updated and accessing information from different sources may be very useful to obtain as other records are being added to your credit report. There is no way you can keep a good handle on your credit report without doing credit bureau check often.

Did you know that South Africans are forking out approximately 76% of their salaries on debt repayments as of 2014? We’ve all been there, whether it’s a clothing account, gym membership or student loan, debt repayment is part of the consumer experience in our country. Knowing how to manage that debt and better communicate with creditors and debt collection agencies is key in forging a healthier credit score and wealthier bank account in the immediate future.

It is very important that you know what your credit rating says about you. This is a score that can be as high as 850 and it will follow you from the first time you apply for credit until you die. It is a big part of your overall financial well being so you want to make it a priority to have as high of a score as you can. Your credit score doesn’t just matter when it comes to you getting approved for a credit card or a loan.

Taking good care of your credit rating is essential if you are looking to buy your first house or even that dream car you have always longed for. Any financial institution, be it a bank or other credit facility will always assess your creditworthiness to decide if they are willing to lend you the money needed. But, do you know how to tell if your credit is in good shape or not? Knowing the difference between your credit score and credit report is of the utmost importance in seeking credit.

-  Let’s face it: we all want to live a life free of debt, but the reality is that most of us are in some sort of debt. - And for many of us, it’s a lifetime condition because of long-term loans such as home loans. - The trouble is, very few of us have the cash for bigger items such as properties, cars, and other big expenses.

- We all dream of a debt-free life, but most of us are not that fortunate. - Maybe we enjoy our shopping sprees a little too much, and we’ve racked up quite a debt. If that’s the case, it’s time to get your finances into shape.

Getting your free credit check is important, and here are 6 reasons that you should do so. **Don’t Pay if you Don’t Have to** Never pay for a credit report if you don’t have to. There are websites that will tell you for a low price you can get them. Always see if you qualify for one for free before you do so though. Then you can get it and not have to spend any money. However, if you don’t qualify for a free one but do need to review it, you should be able to do so for a reasonable cost.

Annually you should be able to get a free credit check online. This is a very simple and fast process that you can get done with in a matter of minutes. However, you need to make sure you are doing it. Too many people haven’t seen what is on their report for years and that isn’t a good idea. You never know what types of fraud or simple mistakes could be on there that are preventing you from getting the credit you need at the very best possible rate of interest.

A good credit score is a valuable asset and worth working towards. Most South Africans find it extremely difficult to live without credit and a good score can save you a lot of money. It will give you better access to credit at a more favorable interest rate. Over time, this can save you a large amount of money.

Concerned you might be blacklisted? Credit bureaus keep your credit history, both the good and bad aspects. Negative data can include slow or late payments, defaults or blacklisting. Of these, blacklisting is the most serious and will jeopardise your chances of getting finance. Theoretically, you should not be able to be blacklisted without being aware of it but it can and does happen. In order to ensure you are not blacklisted, it is important to check. Fortunately, this is easy.

There seems to be a lot of confusion regarding credit bureaus and how they determine our credit scores. For many years the industry was shrouded in secrecy and the man in the street had little no access to their own vital credit information. Fortunately, they are now a lot more transparent and the process is becoming a lot easier for the average Joe to understand. It has also been regulated for some time now that the various bureaus have to give you access to at least one free credit report per year. This has gone a long way towards demystifying credit reports but many myths and untruths still prevail.

If you are one of the many South Africans who are currently busy re-paying a home bond, financed car or any form of loan, then you will be aware of interest rates, it is also known as your finance charges. Interest rates are the funds that you are charged with to borrow the money from them. This is usually calculated by means of an annual percentage. Say you still owe the bank a R100 000 on your car, and you see that you are charged with R110 000, then you are charged with 10% interest rates.

- Start a simple budget for your home, look no further than the envelope system - What is the envelope budgeting system? - How does it work?

If you find yourself in the predicament of not being able to secure credit due to your credit record score being low, yet you are unaware of why this has happened, you can log a dispute with Compuscan and ask them to investigate.

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.

Are you one of the many South African who struggle to obtain a home loan or other forms of credit, due to the fact that your credit score is to low? You should know that you will not be able to fix your credit over night and that it will take some time fix. There are thus a few things which you can do in order to repair your credit so that you can obtain that much needed mortgage or car finance. In this article will I give some useful tips which you can use to repair your credit over time.

In South Africa has it never been as important to have a clean credit rating. It will have an impact if you apply for a home loan or even to find a job. It is of utmost importance that you make sure that the information on your credit report is truthful and accurate. You have the right to file any disputes that you might find is inaccurate or out dated. In most cases will you be able to sort it out by your self, but if you run into any problems, then you should make use of a consumer law attorney. In this article will I explain in five simple steps how to file a dispute successfully.

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.

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.

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.

We all know that if you want financial freedom in your life then you should have a good and clean credit record. South Africa is being seen as a debt based society and therefore can you only be on top of your game if you have a good credit score. The best solution to a bad credit score is credit repair. In this article will I explain the seven biggest misconceptions when it comes to repairing your credit.

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.

You will always be able to get a free credit check online, so you should never pay for one of them. You will be able to qualify to get a free report from the major reporting agencies annually and you should do so. Many people schedule to get them at times they will remember such as their birthday, their anniversary, tax day, or the New Year. You really do need to always know what is on your credit report though so if you need one and it hasn’t been a year you can do so.

It is a very difficult position to be in when you don’t qualify for new credit because you don’t have a credit score and you can’t get your credit score because you have no credit history. It’s a typical catch-22. All is not lost, however, since banks know the struggle it can be to get a credit card for the first time. To get a credit score, you will need to have an active account for at least six months on your credit report. Some banks are now offering special credit cards to people with no credit.

_"Your credit record is your financial 'good name'. It's your reputation in the eyes of credit- and other service providers and it's one of the most important considerations when deciding if they should lend you money."_ Credit can be useful. Whether you use it to get you through a few rainy days when you know the money will come in soon, to help you purchase a valuable asset or build a business; it can come in handy by allowing you to afford things faster when you need them. In order to be able to take advantage of this opportunity, you will need a good credit score. Your rating with the credit bureau is based on your credit history. If you do not have a good history or simply wish to improve your existing one in order to qualify for more credit, there are a few things you can do.

It is always a good idea to check your credit report from time to time. Mistakes do happen or there is even a chance there is an outstanding debt you have forgotten about. It is always better to be informed than to get an unpleasant surprise when you apply for credit.

Are you sometimes uncertain why your application for a loan or account has been declined? Are you unsure to whom you still owe money to? We’ll in this article I will give a few reasons to undergo a credit check. A credit check will give you detailed information on your credit history and status. A credit check can be very helpful for when you are interested in buying a new car, home, clothing accounts etc. Be sure to be ready for when you go for an application by getting a credit check.

Late payments are the biggest reason for a low credit score… Let’s face it, they can happen to anyone at any time due to circumstances and unfortunately can have a devastating impact on your credit score. The downside of this is that it restricts the amount of credit you will qualify for and can lead to disappointment when you approach your financial institution for a loan.

There are quite a few things that influence your credit score, and it is important to know about them. How long you have had credit is a factor. If you have an older credit card that you don’t use, don’t be tempted to cancel it. If you do, and it is a very old account, then your credit score may drop. By keeping those older accounts you establish some longevity. If you are young or new to getting credit, then it will just take time to build up those accounts and you have to be patient.

There is a great deal of information found on your credit report, and the responsibility for it being accurate falls on your shoulders. With that in mind, you have to be proactive to ensure it has what it should on it. Don’t wait until there is a problem brought to your attention to take notice of it and to review it.

Your finances might be tough to manage at times, but it is extremely important that you ensure you have enough money saved for a rainy day. But how do you manage to stay afloat? Here are a few signs to look out for, to avoid heading for a financial disaster!

You should see your credit report as your school report in school at the end of each year. Your credit report is an evaluation of your financial behaviours. This report is there for financial institutions to determent whether you can be granted credit from them. Financial institutions will use your credit score to see how much credit they ca give you. In this article I will give some useful information regarding your credit report.

The factors that influence your credit score can be seen as falling into five basic categories. First of all the credit score reflects your payment history. How you pay your bills, the amount of your debt that is paid on time, the part that is past due, and the part that the creditor has written off as an uncollectable debt. Also included in your payment history is how long you have had the accounts you hold and how many are current compared to those that are closed.

For better or worse, for richer, for poorer Marriage is a wonderful union but it is not just two people coming together. Invariably, finances and to an extent credit profile also become intertwined. Although you will still have a personal credit score, if you make joint purchases, a home, for example, this will affect both parties. The upside is that most lenders will look at the couple’s joint income which will be to your advantage.

A “good” credit score depends on the scoring system used by your particular lender. Different scoring systems use different scales. However, if you have a good credit score from one of the credit reporting agencies, you are likely to have a good credit score with your lender.

When you owe a bank, financial institution or any other credit grantor money and you are not keeping payments up to date, they will try and make arrangements with you for the outstanding amount. If you fail to keep up with any payment arrangement or they cannot get hold of you, the account will be handed over to a debt collector.

People use the term blacklisted for a number of situations but no matter what definition you put to being blacklisted, it is not pleasant. It will make getting credit extremely difficult and will have other negative consequences as well. It will make renting property difficult, may cause difficulties in getting your child into some schools and could even prevent you from getting a job with many companies. You will not be able to get a credit card or a loan from most institutions and even store cards will be hard to come by. A cell phone contract is probably out of the question.

Your credit report works in a similar way to a report card you would get back in school. It demonstrates your ability to repay debts and show how capable you are at making good on your financial obligations. Statistics show that 25% of consumers have a credit score of below 600 which is classified as a “bad” credit score.