With sluggish economic growth, students demanding free education and low revenue collection, there might be significant tax increase in the pipeline next year as South Africa faces multiple unknowns. Continue reading
If you’re planning for the year ahead, a good place to start is to check your credit rating at the credit bureau. In South Africa credit rating checks can be stressful for some, as this is when you realize how good or bad you have been with the credit granted to you.
How to get a good credit score?
Learning to be a functional adult and understanding the financial world, is something that many people struggle with. Credit and credit scores are highly important for any modern-day consumer. If you want to invest in a car or property, chances are you will have to take a loan or bond, which is why your credit record needs to be squeaky clean. Do you know how to get a good credit score?
The ins and outs of understanding your credit score
As a credit user in South Africa, understanding your credit score is of the utmost importance to your financial well-being. Whether a finance guru or the average Joe, knowing the ins and outs, good and bad, allows you to take control of your money and spend wisely to secure your future.
Not only is checking your credit score an indication of your level of responsibility regarding your finances, but a credit score also shows creditors how likely you are to pay them back and what risk factors to consider before giving you credit. So, what is a good credit score?
NCR Crackdown on Creditors
Last week, the National Credit Regulator (NCR) referred 13 microlenders to the National Consumer Tribunal (NCT) for numerous violations of the National Credit Act (NCA). These referrals are part of a greater NCR crackdown on law-breaking creditors. Continue reading
Caught Infringing the Act
So far, in 2015 alone, the National Credit Regulator (NCR) has referred the following big-name corporate giants to the National Consumer Tribunal (NCT):
- Finbond Mutual Bank – for charging extortionate credit life insurance premiums;
- Lewis Stores and Monarch Insurance – for selling loss-of-employment and disability credit insurance to pensioners and self-employed consumers; and
- DG Trading and JDG Micro Life – for selling disability and retrenchment credit insurance to pensioners and social grant beneficiaries.
If you want to make a truly informed decision when applying for credit, it’s vital you ask your credit provider for a quotation or a pre-agreement that outlines all of the specific fees and costs you will be obligated to pay under the credit agreement. Another essential issue to address is whether or not these charges will be included in your monthly instalment, or if they are actually additional to this payment.
Below you will find descriptions of the kinds of charges you can expect to find in a standard pre-agreement, which have been broken down to help you better understand what you are actually getting yourself into, when you sign that contract. Continue reading