MyMoney Online

Have you checked your credit report lately?

Your credit report is available to you on-line and for free. Just a few fields to fill in with one or two security checks and your report arrives in your mailbox rating your credit worthiness.

Thereport verifies your ID with the Department of Home Affairs and detects if you are subjected to possible ID Fraud.

It Provides a credit summary of: Accounts Enquiries Judgments Notices Defaults Collections Total Balance Exposure Total Monthly Exposure Total Overdue Amount

You are also provided with a Credit Risk Rating ranking from

1 – very good 2 – good account conduct 3 – account conduct neither good nor poor 4 – poor conduct 5 – very poor account conduct 0 – no rating (insufficient information)

Why should you get this report?

Your creditors access this information when they need to. So you need to know what they are seeing. You will want to know if the information is accurate and correct. You also will see who has been accessing your information.

Did you know that companies like short term insurers use these reports as part of their underwriting process on you when you apply for a policy and submit a claim.

The information, I guess, profiles you in terms of your risk to the company. If you are financially stable then you probably will not submit false or exaggerated claims. So, you want to know if the profile is based on accurate information.a

Your competitors in business can also access this report to get an idea of how well your company is doing in terms of creditworthiness.

Talk about market intelligence…

You also want to know if your information is not being used in ID fraud. There is a verification provided which report if there is any possible ID fraud on record.

You can also use the records to find ways to improve your credit rating. If you are a slow payer on one account, for example. you can target that account overa period an pay on time and in full to improve your rating.

The overall credit rating does affect how much you can borrow and at what rate of interest. The better the profile the better your chance of a more favourable application.

Credit reports are there for free and the information is useful to firm up your financial planning into the future. Keep a close eye on it – its for free.

Read more from Paul Roelofse at www.investforlife.co.za

Read More
Savings accounts with the best interest rates in South Africa

Savings accounts with the best interest rates in South Africa

Bruce Whitfield interviews Daniel Rubenstein, Co-Founder at MyTreasury – a tool that finds the best interest rate for you.

3 best shares to buy right now, while they’re hot (by Vestact Asset Management)

3 best shares to buy right now, while they’re hot (by Vestact Asset Management)

The Money Show’s Bruce Whitfield interviews Vestact Asset Management Portfolio Manager Michael Treherne.

Curro's 'Stadio' is the hottest share you can buy this week - Vunani Securities

Curro's 'Stadio' is the hottest share you can buy this week - Vunani Securities

Small and medium cap analyst Anthony Clark shares his stock pick of the week with Bruce Whitfield on The Money Show.

2 shares that should pay handsomely, if you buy them now (by Luthuli Capital)

2 shares that should pay handsomely, if you buy them now (by Luthuli Capital)

The Money Show’s Bruce Whitfield asks Luthuli Capital Executive Director Mduduzi Luthuli for his stock picks of the week.

Huge study clearly shows how chopping and changing investments destroys wealth

Huge study clearly shows how chopping and changing investments destroys wealth

Trading is bad for your wealth. Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.

3 best shares to buy right now (by Sasfin Wealth)

3 best shares to buy right now (by Sasfin Wealth)

Three hot investment tips from Sasfin Wealth Portfolio Manager Paulo de Almeida.

Popular articles
Sassa cards will be functional beyond expiry date

Sassa cards will be functional beyond expiry date

Sassa says text messages making the rounds asking beneficiaries to come and renew their Sassa cards is a hoax.

Soulful Sundays Playlist: Sunday 11 June 2017

Soulful Sundays Playlist: Sunday 11 June 2017

Favourites to feed your soul on Sunday.

Mashaba moves to insource security guards come Jan 2018

Mashaba moves to insource security guards come Jan 2018

Mashaba is also on a mission to identify owners of buildings in the city centre that he says are harbouring criminals.

Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

ANC branch in the Eastern Cape, Z.R Mahabana, has launched a campaign backing Lindiwe Sisuslu as an ANC presidential candidate.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?