If you have been delinquent with regards to your debt repayments, building a robust credit record is vital for accessing new credit.
To improve your credit record, you could do the following:
- Take a small loan or a small amount of credit and pay it back in line with the terms of the agreements. i.e. within the payment deadline and in full.
- Add new positive information to your credit record.
This will ensure that the older, negative information will be superseded by the newer information.
Notes and remarks will remain on one’s credit records for a minimum period of 7 years and 6 months before they drop off ones credit records.
As time passes, the positive information will overtake the negative comments one one’s credit record, assuming of course that you maintain your payment obligations impeccably.
The consequences of a bad credit record:
- Negative comments on your credit record will ultimately inhibit you from accessing low-interest bearing debt and prevent you from borrowing money from banks, and other lending institutions including stores and cell phone companies.
- Some employers routinely run credit checks on prospective employers and a negative record may disqualify a candidate from securing a much needed job or could deny one a promotion.
- Life insurance companies could extract higher premiums from customers with bad credit records.
- If you rent accommodation, your prospective landlord could refuse to let their property to you as landlords do not want the hassle of dealing with unpaid rent.
- Certain professional licences, memberships and clearance certificates may also be denied.
Debt-911, your trusted debt counselling partner
If you are concerned about the affordability of your debt repayments, simply call us, SMS Help to 40935 or fill out the form alongside and a highly trained, Debt-911 counsellor will make contact with you to assess your personal financial situation and give you free advice.