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Sanlam provides a free tool to help you understand your credit profile so you can gain an accurate, holistic view of your financial position. And, with access to a credit management coach, we’ll help you learn the difference between good and bad debt, improve your credit score and get back on track financially.
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Your credit profile is a snapshot of your financial history, and your credit score is the rating given to you based on the number of credit accounts you have, your payment history, and other factors. By knowing what your current credit score is, and understanding your credit profile, you can work towards growing your wealth. With the insights provided by your monthly credit dashboard, you'll be able to:
There's never been a better time to understand your credit profile. Simply register to receive your free monthly credit dashboard.
Register in a few simple steps and get ready to navigate your way to an improved credit rating.
Check your credit score, credit history and recommendations all on one convenient dashboard.
Talk to a credit coach by phoning us, requesting a call back, or simply chatting online.
The same way that sportsmen and -women use a coach to encourage and motivate them, and to provide them with a fitness programme to achieve their personal best, so does a credit management coach guide and support clients who need to improve their credit profile and better their overall financial well-being – by decreasing their credit commitments and putting them in control of their finances again.
Prospective lenders and credit providers use your credit score to determine your ability to repay them. The credit score is normally determined by your payment history, the total debt owed, the length of time you have had debt and the number of recent credit applications. Based on your credit score, you will either be granted or denied credit in the form of loans, credit cards, bonds, store accounts and even cellphone contracts.
The best way to improve a poor credit score, or maintain a good one, is to pay off your debts on time, in other words, to pay what is due on or before the due date. Try to even pay more than what is required and make sure you never miss a single payment. Also only use debt for large and indispensable items (for example, home or car loans).
Different companies use different credit bureaus to calculate credit scores. However, all the bureaus track your loan repayment history and debt to work out your score, so your credit score on your Sanlam Credit Profile shouldn’t differ too vastly from other scores.
A credit score is a value that represents your history of punctual repayments on credit accounts, but also the total debt owed, the length of time you have had debt and the number of recent credit applications. Late payments, a high number of credit applications, a high value of debt, and time will affect your score negatively. When it comes to time, normally the longer you have credit, the better.
A credit report is a more comprehensive summary of your credit history and credit score, detailing when and where you have applied for credit in the past 24 months, the current balance of your credit lines and the monthly instalment. It will also highlight if you have had a judgment or a default (this is a written off account).
You can improve your credit score by paying off your debts on time and never missing monthly payments. Also remember not to use debt for smaller purchases – it should be reserved for larger, essential items. Sign up to receive your updated Sanlam Credit Profile every month. Use the information in this profile to see where you can cut out unnecessary credit. A credit coach is also on hand to help you, if necessary.
A good credit score increases your likelihood of being offered credit when you apply for it (for example, a bond, loan, credit card, vehicle finance or a cellphone contract) and also gives you access to lower interest rates. A good credit score could also benefit you when applying for a job, as the National Credit Act allows employers to check a candidate’s credit status.
Your credit score is affected by how much debt you have and how you have repaid debt in the past. You gain points for paying off debt on time, and lose points for any missed or late payments.
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A credit management coach is a personal coach who is able to complete a full debt assessment for you and then advises you on how to improve your credit status. They can also help you eliminate incorrect credit information and advise you on how to build a good credit record.
Debt counselling is a process whereby a third party takes over the management of all your debts, and negotiates lower interest rates with your credit providers. Your monthly debt repayments will be reduced, as interest rates are renegotiated to a lower amount. An advantage of this is reduced monthly instalments, freeing up disposable income for use elsewhere. Debt counselling consolidates all your debt repayments to one amount; therefore, you only have to make one monthly payment to a payment distribution agency. When you go under debt counselling, you cannot access credit until the debt is paid (other than a home loan which takes much longer to pay off).
Sign up on Sanlam Credit Solutions to receive your free monthly credit profile or call one of our credit management coaches on +27 86 006 1058 to help you interpret your score.
It’s important to keep track of your credit score so that you can query any incorrect listings. If the information on your credit report is incorrect, you can report this and it will be changed. If you have a weak credit score, this knowledge will empower you to make changes to improve your credit score so that you can qualify for credit and better interest rates in the future.
Your credit report shows the status of your accounts and whether they are closed, paid up, in arrears or written off. A credit report will also show where and when you have opened a credit account and will show the balance outstanding and the monthly instalment. It will also highlight any court record information, such as judgments.
Credit providers want to gauge their level of risk when offering you credit. If you have a good credit score, it poses less of a risk to them and they will be more likely to grant you more credit and better interest rates. If your credit score flags you as a risky borrower, they will either deny you credit or substantially limit the amount of credit you can apply for.
A good credit score gives you access to more credit (in other words, loans of higher amounts) at lower interest rates. You will also appear more attractive to potential employers, as they can access your credit score when you apply for a job.
If you have a bad credit score, you are unlikely to be offered more credit by credit providers. However, you can improve your credit score by paying off your existing debt on time, and as quickly as possible. Once you have established a history of paying off debt on time, your credit score will improve and you are more likely to be offered new credit in the future. Just make sure you keep up with your payments in order to maintain your good score.
You may be eligible for a consolidation loan to pay off all your outstanding debts. Call a Sanlam Credit Management Coach at +27 86 006 1058 and let them assist you in applying for this loan.
However, if you have a low credit record, you may have to opt for debt counselling, where a third party takes over your finances and makes arrangements with your different credit providers.
Financial planning helps you to manage your finances in such a way that you can achieve your life goals. Sound financial planning can help you pay for your children’s education, purchase a home and retire comfortably. Sanlam has many qualified financial planners who can help you make the best financial decisions for your future.
A good credit score is important regardless of whether or not you have debt. Firstly, it’s important to know what your credit score is so that you can query any possible mistakes with your listing. Secondly, a good credit score will allow you to apply for credit in the future with confidence, and also makes you more attractive to prospective employers, as they can look up your credit score when you apply for a job. To get a good credit score, you do need to have some credit – make sure this is paid on time every month and your credit score will improve.
A noteworthy 60% of our clients who use their Sanlam Credit Dashboard regularly to stay on top of their credit position claim that their behaviour regarding money, credit and saving has changed in a positive way. They said that overall they became more aware of their finances, debt, credit profile and spending.
They are also more cautious when it comes to spending money; they save more; they make sure that they do not miss their account payments; their financial management has improved; they focus on paying off their debt; they spend less and limit their debt; and their budgeting has improved.