How to read your credit report

Cape Town - Your credit report contains a wealth of information about your financial movements.

Any credit or loan accounts you have, and how you pay them are included in your credit report. Credit report scores are often used by creditors as an indication of how likely you are to repay your debt.

A credit score is generated by a mathematical formula utilising the data from your  credit profile information held by a credit bureau.

It’s important to review your credit report at least once a year so you know what your lenders are saying about you.

Here is a breakdown of the types of information contained in your report and how to use it for insight and corrective action.

* Personal information;
* Your credit summary and score from the credit bureau;
* Defaults and public records;
* Credit enquiries;
* Account history or Payment profile.

- Fin24

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