Credit Score and Monitoring
Monitoring your credit status is one of the most important things you should do regularly to keep track of your finances. It’s those 3 numbers which has a massive impact on if you get credit and how much that credit costs you over the term of the loan. It is a task that needs to be done constantly, but for most individuals it’s given the side eye as they are more focussed on their career goals and day-to-day tasks of keeping food on their tables. It all starts with knowing what your credit score is and what you need to do to improve it.
It is derived from crucial information on your credit report, from the number of accounts you have, how you pay your secured and unsecured debt and if you have any judgements or defaults. Knowing this information keeps you in control of your finances, helping you determine which accounts you are paying for and plan which ones to clear first based on the different interest rates they attract and the impact on your score. DebtBusters has partnered with Kudough; South Africa’s leading credit report aggregator and credit monitoring provider to help you understand, monitor and improve your credit status.
The list below illustrates the importance of reviewing your credit report regularly to avoid the consequences of a low credit score and surprises.
Review your credit report regularly:
- to ensure no one is trying to open new accounts in your name
- identify which accounts are in arrears
- for any errors that can impact your score
- to help you protect yourself against identity theft
- to set goals and improve your credit score- always aim to have a high credit score
Now that you know the importance of reviewing your credit report it is essential to understand the document. The credit report is broken up into sections namely; personal information, accounts summary, enquiries and adverse information.
Accounts summary is one of the most important sections on the credit report as it states the name of the different creditors, when accounts were opened, how much debt you have and the payment patterns on the different accounts. This section shows you how well you manage your debt. If this section is not looking good, Kudough is there to help you every step of the way to improve it.
Who is Kudough?
Kudough is in the business of creating Credit power for our customers. They are about taking what credit providers and credit bureaus know about you and turning this into insight for you to improve your status and put the power back in your hands.
Kudough delivers you the data from 4 of SA’s leading Credit Bureaus in a simple consolidated view to give you your Kudough Status with many tools and tips to improve, manage and protect your credit status.
Do not wait until it’s too late, take the first step to understanding your credit and keeping track of it by requesting your credit report from Kudough. Not only do you get a credit report from Kudough, but you get access to unlimited consultations from the Kudough credit experts on how to improve your credit score.
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