Truth or Myth - "I should take out more finance, to build my credit history"
Several times a week, we seem to find ourselves discussing what a Credit Report is with our clients, and how important the contents of each and every one of our reports is to our financial future. Surprisingly, many of our clients, have little to no understanding of what the report is, how to find out what the contents of our individual reports contain, and what the potential implications are of the contents to what we wish to achieve financially.
On many more occasions than I can remember, I recall clients stating that they have taken a personal loan, and a couple of credit cards, so they can start building a credit history, and be able to demonstrate a repayment history, so when they want to achieve what is really important, they have set a precedence of ability to manage their money and debt repayments. Question is, is this an informed decision, and does such action actually achieve the outcome desired? Truth is, it does not, and sometimes, it can actually undermine the bigger goal.
While our Credit Report, now known as Veda Report, contains basic information about our name, address, date of birth, and where we work, it also contains valuable historical financial data, which can have a huge impact on our financial future.
At Get Smart, we want our clients to be informed as to their options, but also to have a greater understanding and feel empowered, and have greater control of where you want to go and what you want to achieve in the future, and this is why part of our service is to educate our clients about taking financial control, and learning what you can do to get to where you want to go faster. We provide our clients constructive feedback, direction and guidance where needed, and sometimes we have to tell our clients what they need to hear, not what they want to hear, so they can actually start achieving what they want to, and faster.
Want to understand more? Get in contact, we are only too happy to help!
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Rachael Bland – Founder & CEO