» «

Improving your credit score

June 3rd, 2011 -

Your credit score is one of the most important things about you and yet many people don’t even know they exist.

Whether or not you know about your credit score, it’s used by financial institutions and other credit agencies every time you apply for credit.

A good score equals good news: you won’t have any problems getting a loan at a competitive rate. But a bad score… you guessed it, is bad news: you’ll have trouble securing credit and if you do, it will be at a higher interest rate.

What to do? First find out your score by requesting a copy of your file from one of these organisations: Veda Advantage or Dun and Bradstreet. If you’re not in a great rush make sure you apply for the ten-day service, it’s free!

Some tips for improving your credit score:

  • Review your credit file to make sure there are no errors in the information and/or discover any overdue accounts that have been forgotten about
  • Monitor your credit file to ensure someone is not fraudulently using your identity (a growing problem worldwide)
  • Remember that the details on overdue accounts or collections, even when paid, remain on your file for five years from the date of listing, as part of your credit history

If you’d like some advice on managing your finances to improve your credit score, get in touch with us here.

Leave a Reply

» «