Say you have been working hard at improving your credit score by settling outstanding debts and you are now paid up and you want to buy a house or a car. How long before that reflects on your credit score to the extent that you are now considered a...
Over 6 million applications for credit were turned down in the second quarter of this year, according to the latest Consumer Credit Market Report. In comparison to the same period last year, the number of new credit transactions and facilities...
When it comes to buying a house or car, a bank would consider both your affordability as well as your credit score. Your affordability will determine how much the bank will lend you, but your credit score determines your interest rate, or whether...
CreditVision, a new product from TransUnion, should make it easier to get financing without a credit record. One of the reader queries we receive regularly is from people who have chosen not to take out short-term credit. They have sensibly avoided...
There is a growing trend in South Africa towards home loan pre-qualification, with both buyers and sellers in real estate transactions putting more value now on financial preparedness. So says Shaun Rademeyer, CEO of BetterBond, SA’s biggest bond...
The experience of an 80-year-old widow turns into an important lesson on why every woman needs to have her own credit record. https://youtu.be/bDhwXXcJOiY Related: Women and money Should a wife have her own financial adviser? Why money is different...
Sharon Coppola, Senior Executive Risk and Compliance at Experian South Africa, unpacks the myths and truths behind credit reports and credit scores. As more South Africans seek ways to manage their personal finances during the current economic...
Andy writes: What information are banks able to buy from credit bureaus about my financial history and standing and what do they use it for? Credit bureau TransUnion replies: When someone applies for credit from a lender, such as a bank, the lender...
Katlego asks: To what extent does your credit record affect your chances of getting a job and can an employer run a credit check? If you have a bad credit record does this affect your prospects and does a good one increase your chances? Maya...
Tshepo writes: I would to know what the next step is, after you have settled your debts, to improve your credit score – in other words, clear your credit record. Maya replies: According to the office of the Credit Ombud, once the consumer has...
In our article How trying to build a credit record led to a debt-trap, Afika’s decision to take out a credit card to create a credit record ultimately led him into a situation where he had over R70 000 in credit card debt and R3 500 a month was going to pay off his...
In this podcast we search for the truth behind credit cards – are they really a good thing to have in your wallet? We chat to Chris Labuschagne, CEO of FNB credit card and we asked him how many of their customers pay off their cards in full at the end of every month,...
Make sure you know more about your credit report than your creditors do. Mosala wrote to me when she discovered that she had been ‘blacklisted’. She had lost her job and fallen behind on some payments, and wanted to find out out who had blacklisted her. Salem Dyafta,...
Last month we wrote about the growing global phenomenon of peer-to-peer social lending, which links borrowers and lenders directly, bypassing banks and their fees. RainFin, which was the first peer-to-peer online lending platform in South Africa, announced recently...
Credit Ombud Manie van Schalkwyk unpacks the credit amnesty, and separates out the myths from the facts. In the lead-up to 1 April, there have been many misconceptions regarding the credit amnesty: exactly who will benefit, what information will be removed and even...
It is a known fact that unemployment figures in South Africa are amongst some of the highest in the world. Securing a job can prove to be one of the most difficult tasks one has to face, as job candidates are jostling with thousands of other candidates for the same...
When it comes to investing and financial planning, women have a unique set of circumstances and issues, such as longevity and maternity leave, which they need to take into account. Living longer on less In May this year, Statistics SA revealed that despite one in 10...
Nicky Campbell, consumer lawyer and author of the DIY Credit Repair toolkit says that harassment is common in the debt collection industry. Such harassment often leads to the consumer signing an acknowledgement of debt or making some sort of payment towards the...