Credit - The Small Business Site

Article provided by ExperianAccess to Finance Credit Growing a Business

Understanding what’s on your credit report

Article written by Ans Gerber (Head of Data Insights at Experian Africa)

If you have taken out a loan or a store account, or have a credit card or a home loan, you have a credit record. Having a good credit record could make things easier when buying a car, financing your dream home or getting a loan.

A good credit report is summarised into a credit score, which indicates your risk of failing to pay back a loan. If you are a risk, your score will be low. Conversely, if you are less of a risk, your good score will be high, and could help you receive loans quickly and at a favourable interest rate. This is why it’s a good idea to understand your credit report, which is freely available to you from credit bureaus, especially if you are planning to apply for a loan in the foreseeable future.

ByNSBC Editorial TeamMarch 12, 20230Comments

Access to Finance COVID-19 Credit Starting a Business

Tips to help get your small business funded in South Africa

Article by Rean Bloem (Bizcommunity)

You'll understand what it means to have your credibility intact when seeking funding if you've watched the Netflix sensation, Inventing Anna. At the risk of being a spoiler alert, in short, the protagonist Anna Sorokin's dream of building her society club, through securing millions of dollars of finance, comes crashing down when she is found out not to be what she claims to be.

Every SME looking for funding can learn a lesson from this: make sure what you present to the outside world, even in your personal capacity, is legit, and that you look, or more importantly, are credible to the highest degree. Else it could affect your ability to secure finance for your small business.

ByNSBC Editorial TeamMay 23, 20220Comments

Credit Growing a Business

How to become financially fit – Experian’s United for Financial Health drive

Article provided Experian

In the first quarter of 2022, Mike Anderson (NSBC’s founder & CEO) met up with Ferdi Pieterse (Experian Africa CEO) during The Business Show to discuss the newly launched campaign “How to become Financially Fit” and how Experian aims to help individuals and small businesses to recover from the past few years. Let’s see what they had to say.

ByNSBC Editorial TeamApril 11, 20220Comments

Access to Finance Credit Growing a Business

6 reasons why a business credit report is invaluable

Article provided by Experian

A business credit report has become a litmus test for companies that want to establish solid foundations and build trusted reputations. It’s an important part of putting your business on the map, especially when it comes to credit checks, getting credit, growing, and expanding your operations. Why? Because it showcases your business and its creditworthiness and proves to financial institutions, partners and suppliers that you are a financially stable business.

ByNSBC Editorial TeamMarch 14, 20220Comments

Credit Growing a Business

The business value of a credit report

Article provided by Experian

A business credit report is less an unpleasant necessity and more an artist’s paintbrush. It paints the picture of your business, showcasing its financial capabilities and opening doors to credit facilities. A good credit rating provides an indication that your business is sound, has a clear vision, and is committed to being an active, responsible participant in the marketplace. Having a good credit reputation instils confidence in the business and its planning. It also gives small businesses the financial freedom to transition to the next phase of growth.

ByNSBC Editorial TeamFebruary 7, 20220Comments

Credit Managing a business Risk Management

Be wary of credit repair scammers on the prowl

Article provided by Experian

As lockdown posed many restrictions, scammers have come up with innovative ways to deceive people, and we’ve seen an increase in some posing as ‘credit repair agents’.

Consumers should be careful of those claiming to improve credit scores and fix credit reports overnight, especially if charging an upfront fee. These scammers are often found on popular classifieds websites and social media, or even distributing flyers in your area or placing ads in local papers.

ByNSBC Editorial TeamJanuary 31, 20220Comments

Credit

The role of the credit bureaus in South Africa for consumers and how they operate

Article provided by Experian

The main function of credit bureaus, as intended in the National Credit Act (NCA), is to protect consumers from irresponsible lending and over-indebtedness. For this reason, a credit bureau gathers, stores, and reports credit-related financial information of consumers that includes successful applications for credit or services, such as loan agreements, credit cards, store cards, insurance products and cellphone contracts.

ByNSBC Editorial TeamJanuary 26, 20220Comments

Credit

Six reasons why a business credit report is invaluable

Article provided by Experian

A business credit report has become a litmus test for companies that want to establish solid foundations and build trusted reputations. It’s an important part of putting your business on the map, especially when it comes to credit checks, getting credit, growing, and expanding your operations. Why? Because it showcases your business and its creditworthiness and proves to financial institutions, partners and suppliers that you are a financially stable business.

ByNSBC Editorial TeamJanuary 26, 20220Comments

Credit

Understanding your personal credit score and how it works

Article provided by Experian

What is a credit score? A credit score, also known as a credit rating, is a number that reflects the likelihood of you repaying money you want to borrow. Lenders like banks and credit card companies will look at your credit profile and calculate your credit score based on that information as well as their own, which will show them the predicted level of risk in lending to you.

ByNSBC Editorial TeamJanuary 26, 20220Comments

Credit

The business value of a credit report

Article provided by Experian

A business credit report is less an unpleasant necessity and more an artist’s paintbrush. It paints the picture of your business, showcasing its financial capabilities and opening doors to credit facilities. A good credit rating provides indication that your business is sound, has a clear vision and is committed to being an active, responsible participant in the marketplace. Having a good credit reputation instils confidence in the business and its planning. It also gives small businesses the financial freedom to transition to the next phase of growth.

ByNSBC Editorial TeamJanuary 26, 20220Comments