Consumers clueless about credit scores
In an article from Fin24.com:
“A survey has found that many South African fail to realise the importance of knowing their credit score, with almost three quarters of those polled saying they did not know their credit score.
The poll conducted by Just Money, an online guide to money, revealed almost three quarters (73%) of people did not know what their credit score was. The flash poll also revealed that only 18% knew their credit score, while 9% didn’t know what a credit score referred to.
“Knowing your credit record is vital, as it is an indicator of your creditworthiness. Credit scores are used by lenders to decide on whether to give you a loan. Employers, insurance companies and landlords can also ask to check your credit score, so it’s worthwhile knowing what your credit score is. A good credit record means you are less likely to be rejected for mortgages, car or personal loans,” said editor of Just Money, Angelique Ruzicka.
“Our poll unfortunately shows that consumers don’t understand the importance of knowing their credit score and there is clearly a need to create more awareness around this issue, so that more people regularly check to see if their finances are in order,” adds Ruzicka.”