It Pays To Know Your Credit Score

There are ways to build and sustain your creditworthiness

- Sello Morapedi

CREDIT scores are among those things most consumers don’t tend to pay too much attention to until they buy something significant like a car or a house on credit. These consumers get so frustrated when their applications for credit are declined. This is as a result of a lack of knowledge about credit scores.

CREDIT REPAYMENTS

A credit score is simply a number that summarises your creditworthiness. It informs all credit providers how risky you are and how likely you are to honour your future debts. A credit score is based upon your positive and negative credit related repayments.

A credit score originates from a credit report which is calculated by all credit bureaus to indicate whether you qualify for credit or not. It exists for the assurance of credit providers to measure their risk in taking you as a client.