About your credit score
A credit score, also known as a credit rating, is a score given to you based on your borrowing history from credit providers. When you apply for a credit product (such as a homeloan, car loan or credit card), your credit score can essentially act as a numerical representation of your trustworthiness and reliability as a borrower.
Credit scores can range between zero and 1,000 to 1,200, depending on the credit reporting bureau.
Why is checking your credit score important?
When you apply for a loan or credit product, lenders will likely use your credit score to assess your application.
Having a low credit score can limit your options in many ways. It could not only lower your chances of being approved for loans you apply for, but it could also exclude you from being eligible for certain loans.
On the other hand, a higher credit score can improve your chances of a successful loan application for a desirable product that meets your needs.
By checking your credit score regularly, you can see where you’re at financially. Knowing your credit score can stop you from applying for loans you might not be eligible for. It can also give you an idea of where you need to be and how much you might need to improve your credit score.
Improve your credit score quickly
Jacaranda Finance reports data under the Comprehensive Credit Reporting (CCR) regime. This means we provide a more detailed and comprehensive view of your credit history to credit bureaus.
If you have a loan with us, your credit behaviour, such as making timely repayments and managing your loans responsibly, will be reported, potentially strengthening your credit profile. You may also have improved access to more competitive loan products, better loan terms and increased transparency in your credit information.
Jacaranda customers can see how their credit score is tracking thanks to Comprehensive Credit Reporting in the FastMoney app.
Protect your credit from fraudsters
Your information is protected through bank-level security and encryption. You can also protect your credit by receiving alerts when there are any changes to your credit file, such as applications made in your name. This can help you guard against fraud and identity theft.