sa-is-getting-better-at-managing-credit SA is getting better at managing credit

While the COVID-19 crisis has left 85% of South Africans in need of financial help, Ayanda Ndimande, Business Development Manager of Retail Credit at Sanlam, says that there’s some good news – a significant percentage is boasting a higher credit score than before lockdown.

While short-term loan providers attribute this improvement to a temporary reduction in defaults because of payment holidays offered at the beginning of lockdown, Ndimande says focused credit mentorship and the use of financial coaches are fast gaining traction. One way over 95,000 South Africans have been improving their credit health, was by signing up to the Sanlam Credit Dashboard which launched in 2020 and has already proven to offer huge help in terms of understanding your personal credit profile, and getting personalised coaching to improve it.

She explains that the benefits are similar to having a personal fitness trainer to help you get fit, or a life coach to help you navigate towards your life goals. “A financial coach continuously works with you to help you better understand your financial profile. This can include helping you to understand your specific financial challenges and the steps you need to take to improve your credit score. Having a view and understanding of both sides of your personal balance sheet is the first step in becoming financially confident,” says Ndimande.

She notes that the most important aspects of credit are your payment record, the manner in which you manage credit, and how optimally you use credit – and it’s a huge relief that people don’t have to go it alone.

Ndimande says Sanlam’s Credit Dashboard can help clients check their credit and wellness scores and obtain assistance from a free credit management coach should they need it. It’s free to use, and anyone in South Africa can sign up.

The Sanlam Credit Dashboard gives you a personalised overview of all your accounts, how much interest you are paying and where you can consolidate debt and free up cash flow. You can also manage your monthly budget, link your bank accounts to have an overview of all your financial matters, and get easy access to any Sanlam products that may benefit you.

If you’re interested, you can register online.