Credit Ombud – prevention us better than cure

A good, clean credit record is vital to get a home loan approved these days, and having any previous judgements recinded is imporant if you want to apply for any credit, not just home loans.  It is a pity that the credit bureaux are taking so long to remove those judgements, since that can also be the difference between an approved or declined home loan.

Credit resolution in SA improves
http://www.property24.com/articles/credit-resolution-in-sa-improves/15352

Van Schalkwyk says it is of concern that monthly payment profile records were not being updated by credit providers and rescinded judgments remained on the credit bureaux.

“One reason for the delay in updating judgment information is that fraudulent rescission documents are being produced by consumers and the credit bureaux have to be more vigilant in investigating these.”

Van Schalkwyk says as a result, credit bureaux are taking longer than the required 20 working days to update their records.

(via Instapaper)

Of course, it goes without saying that should you need to apply for finance in future, it is vital that you keep you credit record as clean as possible and avoid any judgement or defaults at all costs. If you find yourself struggling to make ends meet, call your credit providers in advance to make arrangements to prevent having your credit record reflect unnecessary bad entries.