How your money past shapes your future and how to make it better
Ever wondered what banks and other big financial institutions really look at when you apply for credit? It’s not just your score. It’s your credit history and that’s the full story of how you’ve handled your finances over time.
It’s your money journey they’re interested in.
Some chapters could have been easy going, and others may have been a bit rough. But the important point about looking back is the need to look forward, and know better. And with your credit, what matters is knowing what’s in your record, so you can fix what’s wrong and make your best decisions next time.
At Finance365, we help South Africans read their credit story clearly, correct errors and take small, practical steps to improve their credit history
Another back story worth knowing about is how your credit history is recorded and used by credit providers.
A protected public record of how you borrow and pay back money, this file about your financial habits is built from your credit report, which lists:
- Every account you’ve had
- Payments made or missed
- Any defaults, judgments or debt review notes
- How much credit you use
The likes of banks, shops and even cell phone companies and insurers use it to decide if they can trust you with new credit. It also shapes your credit score, the three-digit number that rates how reliable you are with money.
HERE’S HOW THEY ROLL WITH INFORMATION:
Every month, banks, retailers, and other lenders send updates to credit bureaus in South Africa. The bureaus build your credit report and share it with lenders when you apply for credit.
All this information adds up to your credit score. A high score tells lenders you’re a safe bet. This can help you get better rates or faster approvals. But a low score can make it harder or more expensive to borrow ZAR for your big-ticket items.
Keeping your credit history correct and current is one of the simplest ways to improve your score and keep these big-financial doors open.
Know your rights
Part of understanding your own credit history is knowing your financial rights as a consumer. Under the National Credit Act in South Africa your personal data must stay private and accurate. This means that only registered credit providers can access your record, and you have the right to see what they see.
Essentially, that’s where checking your credit score regularly and getting your credit report as regularly comes into play. It’s really simple to do too.
As you get that done easily with us, remember that your credit history isn’t fixed in stone. Even if the past wasn’t perfect, you can always write your best next scene.
What you do now is part of your very own story. Own it and you can own your financial path.
Start now. Get your credit report from Finance365. You’ll see exactly what lenders see, spot what’s holding you back, and find simple ways to build a stronger score. When you know where you stand, you can move forward with confidence.
