Tag: debt

Sanral suspends e-toll debt collection

Source: News24

The South African National Roads Agency has announced that it is suspending the process of pursuing e-toll debt.

This after Sanral’s board passed an urgent resolution on the matter on Tuesday.

“It resolved that given the initiative led by President Cyril Ramaphosa to address the e-tolls payment impasse, Sanral will, with immediate effect, suspend the process of pursuing e-toll debt. This includes historic debt and summonses applied for from 2015. No new summonses will be applied for,” Sanral spokesperson Vusi Mona said in a statement issued on Wednesday.

Sanral says the decision will be constantly monitored by the board and reviewed according to prevailing circumstances.

Netwerk24 had reported earlier this month that only 26 motorists had received default judgments so far for not paying their e-toll bills.

Mona told the News24 sister site that motorists owe Sanral more than R10.9-billion in unpaid e-toll money.

Zuma’s second term cost SA R470bn

President Jacob Zuma’s second term cost SA’s economy R470-billion, Nedbank chief economist Dennis Dykes told Business Day on Tuesday.

The former president is said to have cost SA the following during his second term:

  • R470bn of GDP stemming from corruption, maladministration and misguided policies
  • R140bn in estimated lost tax revenue
  • A subsequent reduction in the budget deficit in 2019 to about 2.4% of GDP (currently at a projected 4%)
  • A reduction in government debt to R250bn: less than 49% of GDP versus 56% of GDP
  • The South African economy could have been up to 30% (R1-trillion) larger
  • The economy could have created 2.5-million more jobs
  • The government could have collected R1-trillion more in tax
  • The government could have minimised Eskom’s debt, which is R419bn by comparison.

Source: IOL

As the festive season has kicked off in earnest and consumers spend more, FNB on Monday warned that approximately 56 percent of middle income consumers in South Africa spend all their monthly income in five days or less after receiving it.

This is according to data from FNB’s Retail segment, which categorises middle income consumers as those who earn a gross monthly income of between R7 000 up to R60 000.

Raj Makanjee, chief executive of FNB Retail, said that for many consumers it was not only a matter of living from one salary payment to another, the reality is that their monthly salary just does not last for 30 days.

Makanjee encouraged consumers to exercise financial discipline, saying that financial discipline was not dependent on having greater income but requires deliberate steps.

“These consumers tend to struggle with money management, with the shortfall leading to sacrifices in important areas such as having back up or emergency saving that can be used to pay for unforeseen expenses. High spending and limited savings cause consumers to rely on credit to get through the month, making them more vulnerable to be caught in a debt trap,” Makanjee said.

Christoph Nieuwoudt, chief executive of FNB Consumer, said more than half of consumers miss at least one debit order over a 12-month period, indicating the pressure consumers are under.

“For almost 40 percent of such customers, debt repayments make up more than half of their take-home-pay, which we consider to be very high. The main driver of this is large numbers of microlender loans and store cards that consumers take up. The ideal scenario for a consumer is to have one provider who gives them a transactional account and the right type of credit when needed,” Nieuwoudt said.

The bank said said it had also seen that 30 percent of middle income consumers who are saving, save for emergencies and at least one other longer-term goal.

Source: Fin24

Deeply indebted consumers have been warned not to splurge on Black Friday and Cyber Monday sales as retailers tempt even the most financially distressed, said Debt Rescue CEO Neil Roets.

Black Friday is taking place on Friday, 23 and Cyber Monday, 26 November.

“While it is true that there will be some very tempting deals on offer, consumers should think long and hard before plunging themselves even deeper into debt by splurging on luxury goods that they most likely don’t need.”

Roets said that over the past several years, his firm has seen the impact that Black Friday and Christmas shopping sprees have had on consumers over reckless spending .

He pointed out that South African consumers collectively owe their creditors in excess of R1.7trn with most of them three months or more in arrears with their repayments.

“We are far from seeing the light at the end of the tunnel. It is our belief and many leading economists share that belief that we are far from staging a recovery.”

Roets was on the view that things are going to get a lot tougher before they get better.

“Now is not the time to act recklessly. On the contrary – it is more important now than ever before to implement fiscal discipline and save whatever money is left over at the end of the month.”

Roets suggested that consumers only buy what is absolutely necessary.

“While we all feel that we desperately need a holiday and the end of a brutal year, keep those holidays within budget and don’t think that if you don’t have the money for school fees in December that the money will somehow, magically become available in January when the schools reopen,” he said.

Source: Fin24 

Some 40% of the credit provided by the country’s top 10 credit providers appears to be reckless, a new survey has found.

The Reckless Lending Indicator, released by debt counselling firm DebtSafe for the first time, is based on data from the top 10 credit providers in South Africa for the period of April to July 2018.

Of 5 591 credit agreements investigated, 51% appeared not to be reckless, while 40% appeared to be reckless.

Of the remainder, 7% reflected agreements prior to the National Credit Act and 2% comprised other agreements.

“The analysed data of the top 10 credit providers, based on agreements that appear to be reckless, suggests that the ‘big’ credit providers are playing a major role in the reckless lending environment in South Africa,” DebtSafe said in a statement.

These lenders include – in order – First National Bank (FNB) with 12% of the agreements that appeared to be reckless; Capitec with 6.5%, African Bank with 5.5%, FinChoice with 5.1%, Nedbank (MFC) with 5.0%; Absa and CapFin each with 4.7%; and Standard Bank with 4.2%. Last on the list are Nedbank (3.9%) and Old Mutual (3.9%). All remaining providers accounted for 44%.

The latest statistics released by the National Credit Regulator (NCR) in March 2018 indicate that SA has 25.46 million credit-active consumers. Meanwhile, 9.7m consumers – totalling 38% – have impaired credit records.

According to DebtSafe, this means “almost one in every 25 credit-active consumers that sit with an impaired credit record […] might be over-indebted”.

Over-indebted in three clicks

“It is shocking and scary to know that consumers can pave their way to over-indebtedness with just three clicks using modern-day technology. These days it is all too ‘normal’ to not only apply for credit but to also get it approved within a few seconds. The concerning question here is: does the credit provider conduct a thorough affordability assessment to make sure that the consumer can keep up with the agreed upon payments?” DebtSafe said.

Matthys Potgieter, debt expert and spokesperson at DebtSafe, said, “Previously consumers went to creditors to ask for credit, but now things have changed, and instead, hard-selling credit comes directly from the creditor to the consumer.”

According to Potgieter, consumers may be confronted with pre-approved loan applications via various mobile apps or other methods like SMS, email and telephone calls.

“Before consumers click ‘accept’ on such an application, I would like to ask them the following question, ‘If you withdraw or use all this money on the same day, would you be able to afford the loan’s instalments in future?’ and if they answer ‘no!’ – then they, with the click of the ‘accept’ button, will already be over-indebted,” he said.

By Georgina Crouth for IOL 

Stellenbosch Law Clinic filed an application in the Western Cape High Court, seeking judicial intervention on the manner in which debt is collected. It believes debt collection needs to be regulated and that costs must be capped.

The clinic is joined by Summit Financial Partners in representing 10 of their clients. All the major role players in the credit industry are involved, with 49 respondents, including all the major banks, the lending institutions, the ministers of Justice and Trade and Industry, and the National Credit Regulator.

Stephan van der Merwe, senior attorney at the university’s Law Clinic, says there’s widespread abuse in the industry.

“We have a lot of situations where people have been garnished with emolument attachment orders against their salaries. When you sit down and look at it you find amounts in excess of five, six, seven times the principal debt and they’re expected to continue making payments on it,” he says.

In one case, a client was granted an initial loan of R600, but had paid back more than R5 000 – about eight times the initial loan amount. In another, a farm labourer, earning R2000 a month, has R970 garnished from his monthly salary. Back in 2011, he was given a loan of R16 000 and has repaid in excess of R31 500 – yet the creditor alleges he owes R37 000.

Van der Merwe says the reason they get away with it is because there are no rules that the costs levied against the debtor are taxed.

“What you have is the creditors going to their attorneys or their collection agents and telling them to collect on the debt but the charges are borne by the debtor.

“This is why the debtors end up paying these astronomical amounts for small loans, because the attorney and collection agency fees are dumped on them.”

The common law in duplum rule says that interest cannot accrue to more than the capital amount. Since 2007, when the National Credit Act (NCA) came into effect, the statutory in duplum rule has been interpreted by institutions in a myriad ways.

“This is why we are going to court: to request a declaratory order that the statutory in duplum is applicable to all the interest, the costs, including the legal fees that are levied against the debtor – irrespective of whether a judgment has been granted.”

Van der Merwe says on a proper interpretation of the relevant sections of the NCA, it would mean that if the debtor is in default under the credit agreement these amounts may not exceed the unpaid balance of the principal debt at the time of default.

“When a consumer is in default all the combined interest, the collection costs and so on cease to run when they reach the unpaid balance of the principal debt.”

“The problem is creditors say legal costs don’t form part of it, or that this isn’t applicable after judgment.”

In addition to the two declaratory orders, asking for clarity on how sections 101 and 103 of the NCA are interpreted, the clinic is also asking that the court declare that legal fees may not be recovered from the debtor unless they have been taxed.

“Nowhere in the National Credit Act is a distinction drawn between legal fees and collection costs.

“What we’re saying is that creditors want to use expensive attorneys to collect on miniscule debts; debtors can’t be expected to pay those fees.

“We shouldn’t allow debtors to be abused in this way – we need to the court to make a ruling.”

Once the court has clarified allowable collection costs, the clinic wants it to order that an independent expert recalculate the applicants’ indebtedness and then order that if there is an overpayment, the money must be repaid to the debtors.

But before consumers get excited about having collection fees and interest repaid, Van der Merwe says prescription might be at play. “You might have trouble in court claiming that money back because prescription would have to be taken into consideration.

“There will be clarity: everyone will know what is expected and people won’t be abused financially as a result of uncertain legal interpretation.”

Van der Merwe says they are not attempting to vilify small cash loan providers, the credit industry or attorneys in general: “We applaud those creditors who are honest, give loans responsibly and collect responsibly: they play an important part in our economy.

“We are not tackling the industry in general – we have an issue with unscrupulous guys who don’t play by the rules. We are not going to assist so called ‘professional debtors’ either, who abuse the system by getting loan after loan at creditors’ expense if there are no merits in their cases.

“We have a problem with creditors who abuse low-income earners by coaxing them into enticing loans which they would never be able to service based on their limited wages.”

In 2016, the law clinic won a landmark case in the Constitutional Court, which found that several practices relating to the abuse of emolument attachment orders were unconstitutional.

“The court also considered the validity of the initial loan agreements which regularly included interest of 60% annually and they were concluded absent of any, or alterna- tively after severely defective, affordability assessments. Those transactions were conducted in breach of section 81 of the NCA which talks about reckless credit.

“Those specific creditors want to extend reckless credit to consumers, who they know won’t be able to repay the loans, and then they abuse the situation by putting debtors into a debt trap that they’ll never be able to get out of.

“People like that shouldn’t be able to shirk responsibility in their collection when they use illegal practices. They cause economic catastrophe in the lives of those clients.”

Van der Merwe says that after the Marikana massacre of August 16, 2012, clear linkages were drawn between the demands for higher wages and the abuses in the credit industry.

“Those workers demanded more money to allow them and their families to make a living because their salaries were severely garnished by credit providers that were instituting emolument attachment orders that were illegal and unconstitutional.

“We are trying to avoid those situations arising in the future, by asking the court to assist us in fostering a healthy and responsible credit environment.”

By Carin Smith for Fin24 

Research by Momentum and Unisa shows that 73.5% of SA households were “financially unwell” in 2017.

The research found that, while some households did very well during 2017, others just muddled through, while a large portion struggled immensely.

According to the study, one of the more concerning findings was that the proportion of financially well households was virtually unchanged between 2016 and 2017.

Even more concerning was that the proportion of financially well households was virtually unchanged since 2011.

However, there was a bright spot: The research found that while a large proportion of households was still financially unwell, it also found that these households were not as financially unwell as they had been previously.

Decline in net wealth

The study looked at various factors influencing the financial well-being of South Africans.

One was a decline in the net wealth to disposable income ratio of households, caused by a decrease in assets to disposable income ratio.

The decline was mainly due to negative growth in house prices and real investments in residential property increasing by less than 1% compared to 2016.

In addition, the real value of financial assets was lower during the first half of 2017 compared to the same time a year earlier.

Skills gap

The research further showed many households just don’t have the means and skills needed to take control of their finances.

While more people completed secondary and tertiary qualifications, social capital levels remained low due to feelings of disempowerment, low levels of subjective well-being, financial vulnerability and low consumer confidence in the economy.

There are indications that, although the SA educational system delivers a growing number of matriculants and graduates, the students predominantly acquire academic knowledge and not high-level cognitive, social and communication skills.

It furthermore looks like an improvement in education did not translate into a proportional increase in income, the study suggested.

This can, to a large extent, be explained by low labour demand growth due to a skills mismatch in the SA economy.

Control

Factors over which households have little control include macroeconomic factors such as low economic growth, high levels of unemployment, political and policy instability, and low levels of business confidence.

The factors over which households do have control include the educational levels of household members, their financial literacy and capability levels, their work statuses, the degree to which they conduct debt and financial risk management and financial planning, the amount of money they earn, and the level to which they save and accumulate their net wealth.

The results of the study have shown that, although households do have control of these factors, they generally don’t budget, conduct very little debt- and financial planning, and generally have very low financial literacy and capability levels.

Intervention

The research findings suggest that a comprehensive intervention is needed for financially unwell households to become financially well.

Such a comprehensive intervention should be more multi-faceted than merely providing social grants, social housing, free services and financial products, according to the report.

Putting households on a path of financial wellness growth will require high-quality education, an enhancement of their financial literacy and financial capabilities, and improving their understanding of financial planning and other financial services.

Source: IOL 

Edcon Holdings said on Thursday that it will be closing three of their chains: Boardmans, Red Square and La Senza lingerie.

This is the latest strategy to save the company after dwindling sales and profits.

By shutting down the other chains they hope to attract more customers to their flagship Edgars stores.

The decision to shut down certain chains comes from the newly appointed CEO Grant Pattison who took over the position fro Bernie Brookes. Edcon is South Africa’s largest non-food retailer.

The Johannesburg company has had a hard time staying afloat amid weak consumer spending and economic growth and in 2016, the company had to be taken over by banks and bank holders to stop it from collapsing.

Under Pattison’s plan, Edgars will cut down on more than 1 300 stores’ footprints as well as reduce floor space by 17% over the next five years to increase profitability.

They will also be focusing on Edgars mainly, which sells most of the of the items that are available in the stores that are being shut down.

Other stores that have made the cut include CNA and Jet.

Pattison said that he thinks that the company can turn. He said, “The quicker we can do this, the better”.

Debt

The urgency to make changes comes after Edcon retail sales dropped by 9,4% in three months through December 23 while adjusted earnings before tax, taxes depreciation and amortisation declining by 25%.

The owners of Edcon Holdings are Frank Templeton Sanford C. Bernstein & Co. LLC and Harvard University Pension Fund. They took over when Edcon was struggling under foreign-currency debt that was used to finance the takeover by Bain Capital Private Equity LP in 2007.

The 89-year-old company also employs 14 000 permanent a significant number in a country where more than 1 in 4 people are unemployed.

At the of last year, the company’s net debt was R4,2 billion. Some of the other attempts to revive the company include increasing the workforce, decreasing prices and bringing in international brands.

Edcon said earlier this year that they were in talks with creditors about refinancing debt to strengthen the balance sheet. Edcon also has liquidity facilities and credit facilities that will be maturing towards the end of 2018.

By Linda Ensor for TimesLive

Treasury estimates that the total debt that could fall under the debt extinguishment proposals made in the National Credit Amendment Bill proposed by Parliament’s trade and industry committee could range between R13.2bn and R20.7bn.

Banks and retailers would be the most heavily affected by the proposed scrapping of debt‚ Treasury said in a presentation to Parliament’s trade and industry committee on Tuesday during public hearings on the proposals.

The committee has proposed amendments to the National Credit Act‚ which include writing off the debt of those earning below R7‚500 month and who fall within the threshold of realisable assets.

According to research by consultancy firm Eighty20‚ about 56% of the credit active market of about 18-million has an income of R7‚500 a month or less.

“Based on the income estimates approximately 9-million borrowers could potentially meet the eligibility criteria for debt intervention as per the draft bill‚” the organisation said in a presentation to the committee.

“In total borrowers that could qualify for debt review hold over 16-million loans. 29% of these loans (4‚7-million) are three months or more in arrears belonging to borrowers who could qualify for debt intervention. The total outstanding balance on these loans is around R20‚7bn.”

The Black Sash said in its presentation that the debt relief proposals would provide much-needed assistance to social grant beneficiaries who are prey to loan sharks.

The Black Sash has been at the forefront of exposing the vulnerability of social grant beneficiaries to unlawful deductions and the predations of loan sharks. The organisation welcomed the R7‚500 income threshold as this would cover many social grant recipients.

Black Sash national advocacy manager Hoodah Abrahams-Fayker noted that the Easypay bank account – a joint operation between Grindrod Bank and Net1 subsidiary Moneyline – had fuelled indebtedness “as many loan sharks use this card to provide Citrus Loans often with no affordability tests‚ no proper avenues of recourse‚ no administrative justice and no debt counselling.

“Grant beneficiaries are trapped in a vicious cycle using debt to pay for food and basic living needs. Overindebtedness is a social and economic challenge with far-reaching consequences for vulnerable social grant recipients (who) can become easy prey for moneylenders as they are receiving a guaranteed monthly income from the state.”

Treasury noted in its presentation that there were currently gaps in the protection of the overly indebted. For example‚ there were weaknesses in the insolvency framework as sequestration did not work for those with no income and no assets. The debt review system only worked for those earning more than R7‚500 per month.

Treasury proposed that the debt review system be improved for those with some income. This could be completed “relatively quickly”. However‚ a mechanism was needed for those with no income. A revision of the Insolvency Act was under way but could take some time to finalise.

The Department of Justice and Constitutional Development also made technical suggestions to improve the proposed National Credit Amendment Bill.

How to calculate your credit score

An excellent credit score is one of the most priceless assets a potential home buyer can have. This tool has the power to secure favourable mortgage and refinancing rate, influencing everything from the size of the loan repayment to the interest rate on the home loan.

“It is advisable that potential home buyers check their credit score before even starting to look for homes or applying for a home loan, as the banks will look into your financial history and the application will be declined if you have a low credit score. The important thing is that your accounts are up to date and that you have the ability to afford the bond,” said Craig Hutchison, CEO Engel & Völkers Southern Africa.

South Africans are entitled to a free copy of their credit record every year.

“Many South Africans are surprisingly unaware of the importance of a good credit profile, many do not know what a credit profile even is, and even if they do, they seldom check their own personal credit profile. Today many potential employers look at credit profile reports as a way to judge a person’s character and level of responsibility,” said Mellony Ramalho, group executive African Bank.

Your credit score is typically a number from 0 to 999 and is calculated by using all the details on your credit profile. “It reflects a ‘score’ summary of all your financial decisions, it is often used by lenders, such as home loan and personal loan companies, to make accurate decisions on whether they should lend to you or not,” said Michael Bowren, CEO and founder Fincheck.

Overall, a credit score measures the amount of potential risk the consumer is to the creditor.

How does a credit score work?

The higher your score the better your credit health will be, which will be an advantage when applying for a home loan, making it easier for you to borrow money at lower interest rates.

“The lower the score, the higher the risk which then influences the outcome of the credit application,” advises Andile Fulane, CEO, Seed of Prosperity.

By managing your credit profile effectively, you can ensure your image and profile is viewed favorably by lenders or other organisations. A bad credit score would mean the exact opposite of this and result in almost no financial institution willing to offer you a home loan.

How do they calculate your credit score?

Your credit score is calculated by a credit bureau based on your credit report. They consider how you pay your bills, how much debt you have and more importantly, how all of that compares to other credit active consumers.

Each bureau has a different way of calculating your score and take into account different forms of information, including information their organization already holds on you, or your employment circumstances.

Your credit score is only one part of your credit report although it is almost the single most important item on your credit report; the full report gives you some handy information. Your credit report is a combined summary of your financial background with an overview of your credit score, financial accounts, profile, and rating.

What influences your credit score?

As you start transacting with various banks, retailers and other financial institutions like lenders, you start building a financial history. Your credit history will be determined by the amount of money you have borrowed in your life and how much of it you have diligently paid back on time. I still remember when I first contacted First homes perth for my new home, their first question was How much was my credit score was? Luckily I maintained my credit score over the years and landed an exceptional house they had to offer with minimal deposit.

Credit score is affected by the following:

  • Missing payments or not paying on time, even if you make double payment the following month the score will affect your credit history. “While adverse legal information is cleared as soon as the account is settled, the negative repayment history however remains for a couple years,” said Ramalho.
  • Too much debt – how much you owe and how much of your available credit you’re using – it is advisable to try to keep the use of your current credit facilities to less than 35% of your limit.
  • Negative information like a court judgment taken against a consumer’s name (commonly known as blacklisting).
  • Length of credit history.
  • Account application and enquiry activity – within a short period of time, how many account applications the consumer submitted and how many new accounts you opened.

My credit score is lower than I expected. Why is this?

Fincheck provide some reasons:

  • A credit history of fewer than 6 years, which is the time frame used to calculate your total credit score.
  • Missed or late payments over the last 6 years.
  • Holding very few credit accounts means there will be less credit history available on your profile.
  • Court judgments or record of insolvency.
  • Having a lot of unused credit available could lead to a large balance of debt if you decided to use it all at once.
  • Balances on your accounts that are very close to the credit limit indicate that you rely on credit to get through each month.

Why improve your credit score?

Credit providers measure their risk in taking you on as a client before they approve or decline your application for credit, so improving your credit score increases the chances of being granted credit on favorable terms.

How to improve your credit score

  • Regularly checking your credit report to confirm all the details are correct.
  • Making sure you make payments on any outstanding credit accounts on the due date. (Should you have difficulty in making your payments, you should contact your credit provider to agree on a payment plan, or to reduce your regular payments to an amount that you can afford to pay).
  • Consider setting up regular automated payments rather than doing manual payments.
  • If you have too many old, unused credit accounts, consider closing them.
  • If you are almost reaching your credit limit on one or more accounts, try and reduce your balance. Outstanding balances mean you have a lot of outstanding debt in your name.How long does it take to improve your credit score?

It depends on how long it will take to improve areas that need attention and maintain them, real improvement will start showing after three months of consistency, as you show progress your credit score will automatically get updated.

If you have had a couple bad experiences with your credit health, it is helpful to know that, credit inquiries stay on your credit report for up to two years, whereas more serious activities that incur namely late payments, lawsuits, bankruptcy and tax liens will stay on your credit record for up to 10 years.

How to build up a credit score if you don’t have debt

Unfortunately you won’t have a credit score if you don’t have any debt because your credit score is calculated and based on your credit habits. This doesn’t mean your financial health is bad, there’s just simply not enough data to give you a credit score. Personal loans without collateral are possible, too.

This can be bad news if you’re looking for a home loan though, so your first steps will be to apply for financial products where you can start building a credit record.

These can include:

  • Credit card
  • Vehicle finance
  • Phone contract
  • Clothing accounts
  • Consequences of a bad credit score

Not paying your account on time or at all which can result in you not getting further or desired credit when needed.

Lenders will see you as a high risk meaning that should they decide to take on that risk, they will charge high interest rates compared to someone with a good credit score.

Depending on what industry you are in – some industries such as banking – check a potential employee’s credit report and score. They consider a bad credit score as someone who is not trustworthy to work in a banking environment.

Consequences of not checking one’s credit score

It is advisable for a consumer to check their credit report every 3 to 6 months. Statistics show that only 3% of the 24 million credit active South Africans have seen and understood their credit report.

This comes as a threat of potential identity theft where someone can use a consumer’s ID to clone their profile and open lines of credit. A credit report contains so much personal information including addresses, phone numbers and employment that the leak of such information poses a big risk of fraud to the individual.

How a credit score affects you when applying for a home loan

When it comes to taking out forms of credit like a home loan, your credit score plays a vital role in your eligibility for a home loan, however it’s not the only factor to affect your application, your debt-to-income ratio will also play a big role.

What score do you need to qualify for a home loan?

There’s no specific score which will qualify you, if you follow the step to build a healthy credit score and maintain a healthy debt-to-income ratio, lenders will see you as eligible for things like home loans. Most lenders prefer to lend to an individual whose debt is less than 36% of their gross income. Visit https://onqfinancial.com/ if you want to purchase a home with as low as 0% down payment.

This, along with healthy credit habits that keep your score in the ranges above 650 will put you in a good position to secure a home loan.

If you are declined for a home loan, what should you do and when do you apply again?

It’s important to know that if you apply for any hard forms of credit like a personal loan, credit card or home loan, you will get a hard inquiry against your credit report, too many of these are a red flag to lenders.

If you have had an unsuccessful home loan application, take a step back and start improving your credit health. There’s no fixed time frame for this, it will take as long as you take to form healthier credit habits, pay back debt and wait for that very happy green indicator on your credit report.

Source: Business Tech

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