Check your Credit Report

Dec 12 2018

Check your Credit Report

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Check your Credit Report before making big ticket credit purchasers and excessive festive season purchases to make sure that your credit limits are accurately reflected and that you’re in a good position to take on the additional expenses.

With the inevitable increase in card swipes and spending over the holidays, the chances of fraud increase as well – so it’s important to be vigilant.

credit report

Staying credit savvy during the busy holiday period can help you keep a healthy Credit Record. Your credit score has long-lasting effects on your ability to open accounts and apply for loans and credit cards. Knowing your Credit Score is important at any time of year – but it’s especially important to keep tabs on the effects of holiday spending sprees on your score.

It’s a good reason to complete a second Credit Report check, two or three months into the New Year, to make sure that it doesn’t reflect any transactions you may not have made or new accounts you didn’t open.

Completing a Credit Report check helps you ensured that you have not fallen victim to identity theft, and that you manage your credit properly to ensure that your Credit Score remains healthy.

Here are some practical tips to try:

  • Check Your Credit Limits – If it looks like you’ve used up all your available credit, your Credit Score may suffer.
  • Automate Your Payments – The way you pay off debt has a significant impact on the health of your Credit Score, so if you’re forgetful about paying bills, consider automating payments to help maintain a healthy score.
  • Request a Credit Limit Increase – A credit limit increase simply increases your available credit, making your existing credit card balance look comparatively lower.
  • Take Advantage of Alert Services – Make use of banking alerts services which monitor your banking profile which sends you notifications, emails or SMS’s triggers when a charge exceeds a certain amount or when you have bills coming up. Watch for signs identity thieves might have opened a fraudulent account in your name.
  • Don’t Open or Close Accounts – Closing accounts changes your level of available credit, while opening new accounts can make it look as though you’re overextended. Closing long-held accounts also reduces the average amount of time your accounts have been open, which could have a negative effect on your Credit Score.

You do have the right to a FREE Credit Report once a year.
Visit www.TransUnion.co.za or call 0861 482 482 for yours!

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