1 YOUR CREDIT RATING WASN’T GOOD ENOUGH
Rumer*, 20, was all smiles after her interview with a top retail company. ‘The interview had gone well, and the interviewer even closed by saying all he was going to do was a background check,’ she says. Then, unexpectedly, she received a ‘No’ e-mail. ‘I was shocked. I really believed I had the job!’ Determined that she’d ticked all the boxes for a job on their sales floor, Rumer pushed for feedback. When she got it, she was horrified. ‘I was turned down because I had a bad credit rating,’ she explains. ‘Apparently, the company’s policy was not to take on anyone who had defaulted on R5 000 or more of debt. I was mortified – that debt was for my tuition fees, and I had defaulted because I couldn’t afford the repayments. That’s why I was looking for a job!’ Rumer’s credit record had blown her chances.
‘Your credit report is a record of your credit payment behaviour,’ says Alison Magrath, executive manager of the Credit Bureau Association. ‘It includes everything from paying instalments on time to the amount of debt you have and your liabilities (for example, things you owe money on, such as a car or property).’ Your record will also show judgments you may have had against you, such as being placed under administration or debt review by a court.