Missed payments will lower credit scores, but worse still, is when missed payment progress to blacklistings. Adverse listings severly hurt your credit score and turn your credit worthiness negative.”
De Kock of Wesbank says that one of main reasons vehicle applications are declined is because of the applicant’s credit report.
However, Botha says, most consumers have little idea of how to get a credit report, how to evaluate it and how to go about repairing any damage, which is the rationale for their joint initiative with LUCID.
The error rate of credit reports will remain high, as long as these bureaus lack an incentive to clear these errors.
Wu’s advice to consumers: “If you do have an error, get an attorney. That’s the only time the credit bureaus take your seriously.”
Paying a bad debt is not enough to rehabilitate your credit rating, so a credit rehabilitation provider like ooba’s partner, Lucid Clear Credit, will take the legal steps to ensure that your credit report is updated immediately.
We don’t often consider the state of our credit report as an ‘advantage’, but your good credit behaviour could just give you the competitive edge when applying for that next job, a new home loan, or vehicle finance.
“A-grade” purchasers by virtue of the following three imperatives: a clear credit report; the ability to buy without having to sell first; and finally, a pre-qualification from a bank or mortgage originator.
These days having a bad financial reputation also jeopardises your chances of finding a job.
The poll revealed almost three quarters (73%) of people did not know what their credit score was. The flash poll also revealed that only 18% knew their credit score, while 9% didn’t know what a credit score referred to.
“Simply put, if you want a good interest rate, you need to have a good credit score,” said Thambiran. “But if your credit score isn’t ideal, understand that there are some basic ways to repair it.”