Will speeding fines affect my credit history?

By Ané Theron

The answer is no. Under our current legislation, any traffic violations or speeding fines do not appear on your credit report, and as such, even habitual speedsters who have been caught, but pay their bills on time, can have a perfect credit score.

Any any court judgments and sequestrations, bankruptcies, admin orders, enquiries, whether you owe money and whether you pay your accounts on time, the age of the accounts (store cars, bonds, credit cards) as well as fraud committed, will most definitely affect your credit history and credit report.

How do I find out what my credit score is?

According to the National Credit Act, everyone is entitled to a statutory credit report once a year from one of the credit agencies in SA, and this is a free service. The four credit bureaus in SA are are Experian, TransUnion, Compuscan and XDS.

How can I get a better credit score?

Your credit score number is a highly accurate prediction of how likely you are to pay your accounts. The better your credit score, the more easily you’ll be able to get finance for your dream house, or dream car. So what can you do?

Tips for an improved credit score

Pay your bills on time, whether they are medical or utility bills, your store accounts, your phone bills, or your bond. Don’t start opening a variety of different store accounts or credit cards just because you have your eye on a big purchase that will need financing. The age of your account is very important; having a batch of new accounts will lower your score. An older credit card (which isn’t ‘maxxed out’ time and again) and is always paid on time, is a much better indication of how responsible you are with money. Having a high credit limit with only a small to medium monthly spend also shows lenders that you can exercise restraint. This all helps to make you credit worthy. For a more in-depth look at what makes lenders tick, and how you can get a credit score worthy of that Ford Mustang 

you’ve been eyeing, please click here.

Need more help and some more answers?

If you’d like to delve into all things credit-related, get to know your credit score (for free) and get help if you’ve been blacklisted, please visit www.clearscore.co.za  as well as www.creditbureau.co.za and www.transunion.co.za.