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If you don’t know what this is — you’re not alone! A lot of our new users start off unaware of the meaning of credit reports or the existence of the credit bureaus that store information on them. Financial institutions are required to provide these bureaus with data on the accounts you hold with them — this applies to current accounts, overdrafts, loans, and soon, even payments such as PHCN bills will be reported!
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Late repayments or defaults on loans are not only a breach of the contractual agreement between a borrower and a lender; they also come with very real consequences that can be hard to shake off in the long-term.
Services such as
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Loans — as with finance, in general — can do wonderful things for you when properly managed. It can help solve urgent problems, cater to substantial expenses and grow businesses.
However, when mismanaged, credit quickly becomes a source of frustration and can cause real damage to your futur...
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Realize there is such a thing as ‘too much credit’. Taking on multiple loans at a time increase the risk of missing a payment and then getting stuck in nasty cycles of debt — constantly taking additional loans to pay off previous loans which you’re already struggling to service.
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A loan is a serious obligation and should be treated as such — it probably shouldn’t be used to impress your boys at the club! Assess your needs prior to applying — is the cash need important enough to take out a short term loan?
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Only take loans when you are certain you will have the means to repay on or before the agreed due date(s). Be sure to confirm all interest/fees associated with the loan prior to applying. Only proceed when you are comfortable that you will be able to service the expected repayments.
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A credit report documents your credit history, your current status of accounts and payments, and when companies have pulled your report when you've applied for credit. A credit report is the source of your credit score.
It is vital to keep an eye on your reports and notice...
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