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How to build a good credit score

There are different types of ‘bad reports’. Firstly, if you have a judgement or summons on your report, it is because you stopped paying an account, and a lender had no choice but to apply for a judgement against you. ‘Once the outstanding amount is settled, a judgement or summons can be removed from a credit record,’ says Benay.

Secondly, arrears or accounts are also noted on your credit report, and these can be removed once you are up to date with payments.

Lastly, you may see accounts or records that you are unaware of or don’t recognise. Benay advises that in this instance, you work with the credit ombudsman to have these records removed from your credit report. David also adds that it’s important to remember that a ‘bad report’ can only be removed if it’s true.

Stay in control

Managing your credit score is an important aspect of your financial health. If your credit score has taken a dive, don’t despair. Focus on behaviours that will boost it but be patient, as this takes time. Consider debt counselling if you
find yourself in a position of over- indebtedness with no logical way out. ‘This can be the first step in your journey to a clean credit record, so you can start afresh,’ advises David.

Credit union TransUnion recommends that you check your credit score every 30 to 60 days to ensure it’s improving. Benay explains, ‘Regular checking won’t impact your score at all, but it is the most effective way of managing your credit score as it puts you in control.’


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