04 Mar Credit Boost Facts You Should Know – Part 2
In our previous post, Our Credit Boost Facts You Should Know – Part 1, we covered a few fundamental strategies for improving your credit profile as a South African consumer. Strong credit is the gateway to better financial, career, and lifestyle opportunities. Improving your credit score is entirely in your control, and we are sharing even more credit boost facts you should know to help you achieve your financial goals. Here are more professional strategies you can implement:
Remove Incorrect Information from Your Report
By regularly checking your credit report, you have the advantage of identifying possible inaccuracies before creditors use them against you. Here is how to check your credit score without harming it. Look out for judgments that don’t add up, a debt review flag that should have been removed already, outdated default listings, and duplicate accounts. Also, check that the balances reflected align with your latest statements or settlement accounts.
Make sure to dispute credit report errors with the relevant credit bureaus. This is normally done online or via email. The National Credit Act (NCA) protects consumers, and they are legally required to investigate the dispute and remove or correct the information.
Minimise Hard Credit Inquiries
Understand the difference between hard vs soft inquiries and their effect on credit score results. Hard enquiries occur when you apply for credit or loans. These checks form part of a formal credit assessment and temporarily lower your credit score because they indicate that you are actively seeking credit. If you apply for too many loans or too much credit in a short space of time, your credit score can take a massive dip.
Soft inquiries, like the free credit report we offer at Credit Boost, will not harm your credit score. Our free credit score rating chart can help you understand your credit report.
Build Payment History with Short-Term Insurance
One smart way to improve your credit score is by using short-term insurance to build your credit history over time. As long as you are consistently paying your insurance via a debt order, this demonstrates your ability to manage financial commitments responsibly. Regular, on-time payments will improve your credit score over time. This makes it easier for you to apply for new credit and loans, with better interest rates.
Ready to make the first moves to improving your credit profile? Make use of our FREE CREDIT CHECK today to know where you stand. Our credit boost facts you should know can make all the difference when working to restore your creditworthiness.