Women24 - How do you rate?

Ancestry24 Careers24 Entertainment Fin24 Food24 Health24 Kalahari.net Mobile News24 Property24 Sport24 Weather24 Wheels24 Women24 GoTravel24

Paper is so last season

Tech-savvy youngsters are making coupon clipping a thing of the past and turning to their mobile phones instead.

Women are more cautious

Fewer women get duped by fraudulent investment schemes because they are generally more risk-averse than men.

Book Club | Astrology | News |

Celeb Gossip | Soapbox | Hotties | Series Addicts |

your voice, every day

The Good, the Bad and the Ugly.


Ask an expert...


Sponsor Links First for Women Dial Direct Your Homeloans UK Lotto Life Insurance Classified ads Car Rental Best Car Deals Compare Insurance Quotes Life Insurance for Women

11 March 2008

How do you rate?

When applying for credit we are inundated with forms and personal document requests but how exactly do they establish if you qualify?

Every time you apply for credit this information is stored at the credit bureau. The credit bureau keeps records of your financial life. When you apply for credit the bank will contact the bureau for a credit report. A credit report tells the bank which institutions you have loans with, if you have fallen behind on your payments, if you are a "slow payer", or if you have defaulted on a loan.

If you have conducted your affairs well, you will get a good "point score" but if you have been careless it will lower your score. If you have a default or judgment this can effectively prevent you from getting credit for up to five years.

In order to get a judgment removed you must pay the debt in full and get a letter from the creditor to release you. This process can only be done by going to court, and with the aid of a qualified attorney. Tell the bank before they find out for themselves. This will give you the opportunity to explain what happened. If you have conducted your financial affairs well, they may, in rare cases, choose to ignore the judgment.

If you are considering applying for a large loan It is vital that you get a copy of your credit report to see where you stand. Not only will it give you an accurate picture of your credit health, but it will alert you to errors (they happen frequently) and even identity thieves trying to get credit using your good name. Go to www.credithealth.co.za to get access to your credit report.

Previously published in True Love, Subscribe now and save