Financial literacy - one video at a time
What is a Credit File? How can it affect your borrowings?
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From the minute you purchase a mobile phone plan you have created a Credit File.
That file will now record every application particular to your name, for the rest of your life.
It is not quite big brother but it does have some similarities.
The justification for it is that it helps credit providers; banks, financial institutions, telephone and utility companies, obtain a picture of your credit worthiness when you make an application for a loan or credit contract.
With this access to your record it is in your best interest to ensure you pay all your bills on time. This will improve your credit value (score) and attractiveness as a customer.
To obtain a copy of your credit report visit Equifax.
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