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Credit score. How does it affect you?

11th Feb, 2016

Information about an individual’s finances and credit worthiness is one of the most sensitive categories of personal information. If you are applying for a loan, mortgage, credit card or any other form of borrowing you should check your credit report. If not, it’s still a good idea to check it from time to time just to make sure that you haven’t missed any payments without realizing it in case you are servicing a loan. You can check your credit report as often as you like and it won’t affect your credit rating or credit score.

A good credit score means it will be easy for you to access loans in any institution despite the amount you are applying for. With today’s world becoming digitized, as an individual or a business owner, you can check your details via mobile text. We have Crystobol for example, which gives real time credit status based on payment history with banks, other financial institutions, suppliers of goods and services and utility companies reported to the credit bureau.

One of the major factors that determines your credit score is how much revolving credit you have versus how much you’re actually using. The smaller that percentage is, the better it is for your credit rating. As a bank customer you can manage your account from the comfort of your home, office or even on the move through Internet and mobile Banking services. Online or mobile Banking service is designed to make your life much easier and let’s face it, convenience at this day and age is golden. As long as you have internet access, a smart phone or a tablet, you can complete numerous transactions without ever having to visit a branch.

Following the launch of IPRS (Integrated Population Registry System) in 2015, banks and other lending institutions are now able to determine or review your credit history. Credit score is the first thing the bank or a lending institution will determine before approving any loan that you apply for. Your landlord most probably also accessed this information before he approved you to be a tenant. A good credit score can get you a lower interest rate when you borrow which means you will pay less over time. So, in the end, it really pays to understand your credit scores and to make them as strong as possible.

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