MyMoney Online

Have you checked your credit report lately?

Your credit report is available to you on-line and for free. Just a few fields to fill in with one or two security checks and your report arrives in your mailbox rating your credit worthiness.

Thereport verifies your ID with the Department of Home Affairs and detects if you are subjected to possible ID Fraud.

It Provides a credit summary of: Accounts Enquiries Judgments Notices Defaults Collections Total Balance Exposure Total Monthly Exposure Total Overdue Amount

You are also provided with a Credit Risk Rating ranking from

1 – very good 2 – good account conduct 3 – account conduct neither good nor poor 4 – poor conduct 5 – very poor account conduct 0 – no rating (insufficient information)

Why should you get this report?

Your creditors access this information when they need to. So you need to know what they are seeing. You will want to know if the information is accurate and correct. You also will see who has been accessing your information.

Did you know that companies like short term insurers use these reports as part of their underwriting process on you when you apply for a policy and submit a claim.

The information, I guess, profiles you in terms of your risk to the company. If you are financially stable then you probably will not submit false or exaggerated claims. So, you want to know if the profile is based on accurate information.a

Your competitors in business can also access this report to get an idea of how well your company is doing in terms of creditworthiness.

Talk about market intelligence…

You also want to know if your information is not being used in ID fraud. There is a verification provided which report if there is any possible ID fraud on record.

You can also use the records to find ways to improve your credit rating. If you are a slow payer on one account, for example. you can target that account overa period an pay on time and in full to improve your rating.

The overall credit rating does affect how much you can borrow and at what rate of interest. The better the profile the better your chance of a more favourable application.

Credit reports are there for free and the information is useful to firm up your financial planning into the future. Keep a close eye on it – its for free.

Read more from Paul Roelofse at www.investforlife.co.za


This article first appeared on 702 : Have you checked your credit report lately?


Recommended

by NEWSROOM AI
Read More
How to get rich by investing in smoking hot US and Canadian dagga shares

How to get rich by investing in smoking hot US and Canadian dagga shares

Returns of 500% are not unheard of. Is this another crypto-like bubble? Not in the least, says Financial Advisor Warren Ingram.

Millennials – contrary to the stereotype - are very, very good with money

Millennials – contrary to the stereotype - are very, very good with money

Life is really hard for young adults, but they’re more than coping. Old Mutual research suggests older adults can learn from them.

Worried about money? How to have a courageous chat with your spouse about it

Worried about money? How to have a courageous chat with your spouse about it

Life planner Kim Potgieter shares five tips on navigating the complexities around money and relationships.

3 best shares to buy, right now (by Cartesian Capital)

3 best shares to buy, right now (by Cartesian Capital)

Cartesian Capital CEO Anthea Gardner shares her stock picks of the week on The Money Show.

How to keep your wealth from waning during a recession

How to keep your wealth from waning during a recession

The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.

3 best shares to buy right now (by Sentio Capital Management)

3 best shares to buy right now (by Sentio Capital Management)

Portfolio Manager Imtiaz Suliman shares his stock picks of the week on Bruce Whitfield’s The Money Show.

Popular articles
'My hubby is 75 and we still do it' - stories about sex on the other side of 50

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

Is biology putting the brakes on your sexuality? Callers share their experiences of sex and growing older.

'Some weed plants with high levels of chemicals have been linked to psychosis'

'Some weed plants with high levels of chemicals have been linked to psychosis'

Naked Scientist, Chris Smith shares his insights on some of the risks associated with smoking marijuana.

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

DStv Premium on a downward spiral, warns tech guru

DStv Premium on a downward spiral, warns tech guru

DStv has lost about 140 000 Premium subscribers to Netflix over the past two years, tech expert Arthur Goldstuck.

Tell me what you want: Study reveals most common sexual fantasies

Tell me what you want: Study reveals most common sexual fantasies

What are your sexual fantasies? Disclosure can bring sexual freedom, but it can also have downsides. A study lists the top trends.

Dr Eve busts myths about the female orgasm that could change your sex life

Dr Eve busts myths about the female orgasm that could change your sex life

As many as 1 in 3 women have trouble reaching orgasm when having sexual play, clinical sexologist Dr Eve explains.