Page 22 - IFV Issue Issue 9_2022

Lifestyle

THE REWARDS OF HAVING A

REPUTABLE FINANCIAL RECORD

Most South Africans don’t know their credit score your financial reputation and it’s more
and few bother to find out, even though their influential than any other reference you

creditworthiness is amongst the most important can provide. That’s why it’s important
financial information there is about them. to know your credit score and ensure
that the way you behave financially
builds your financial reputation over
our credit report can determine financial delinquents normally end up time, rather than detracts from it.”
whether you qualify for a home being a nightmare to manage. Finding out your credit score should
Yloan, vehicle finance, a personal “Your credit score affects more aspects be easy. By law, you’re entitled to one
loan or other forms of credit. It also of your life than most people realise,” free credit report a year and you can
determines what interest rate you’ll says Fiona Ssemanda, Sales Head, at get this from any of the credit bureaus.
pay, and if a landlord will consider you a specialist loan provider, DirectAxis. These are the companies that compile
suitable tenant. You may also be asked “From banks to cell phone companies, information about consumers’ financial
by a potential employer for a reference everyone bases their decision about history, particularly whether you pay
to confirm that your financial status is how much of a risk you might be, based your bills on time, how much debt
sound, as employees that prove to be on your credit score. Essentially, it’s you have and, importantly, how your

20 • Issue 9 2022 • The Villager