Imagine a world where you could check your credit score in a secure, safe and friendly environment - for FREE. Even better, how about that happening within a minute?
Well, the Fincheck team is happy to announce that this feature is now a reality and doesn't need to be part of (only) your imaginary world. Say hello to the MyFincheck Credit Score Tool!
We've been testing the free credit score tool over the past couple of weeks and we're happy to let the world now come in and try it out this piece of latest fintech on our platform. It stays true to the culture that started Fincheck little more than a year ago - to help South Africans make better financial decisions by making financial information accessible and understandable!
As with our free financial comparisons that we rolled out as our first fintech feature, the safety of your personal information remains extremely important to us. We are proud to say that our free financial comparisons and free credit score tool offers unique opportunities for South Africans to keep on making better financial decisions.
In the words of our pioneering CEO, Michael Bowren, “Fincheck has partnered with SA’s major credit bureaus, as well as international companies, to ensure current and accurate credit score information is provided on our new MyFincheck service. We have applied international best practice standards of online security equivalent to those of SA’s big banks, using the same 256-bit encryptions.”
The MyFincheck Credit Score updates automatically and won't leave a hard credit check ‘mark’ on your name. There are many different financial organisations that offer a variety of credit information to consumers, usually with a once-off free credit rating. This is different to a credit score and consumers then also have to pay for more detailed credit information.
This means South African consumers are penalised for taking a look into their credit score - a decision many would like to make so they can take action on improving it or choosing better financial products for themselves.
Why is this such an important tool for South Africans to have?
A credit score is a numerical representation of how good you are at paying back money. If South Africa has any hope of getting out of its status of most indebted nation in the world, this tool will help many to take those first steps.
As we all should know, admitting you have a problem, is the first step towards finding a solution.
Bowren says. “A credit score of 300 is the lowest and 800 is the highest. If you are sitting anywhere between 630-700 this is acceptable. A low credit score means that you are less likely to repay borrowed money on time, whereas a high credit score shows that you are more likely to repay borrowed money on time. Therefore, in terms of risk - a lender or bank is more willing to lend you money if you have a high credit score, as it represents that you are more likely to repay your loan and therefore are a lower risk.”
The MyFincheck Credit Score Tool is one of many exciting updates ahead to help South African consumers make better informed financial decisions based on accurate information of their financial health and credit status.
We've seen the amount of South Africans using Fincheck skyrocket to over 100 000 in just seven months. This is a big achievement for us that we're hoping to take even further by adding value to the loyal users of Fincheck. Soon, people will be able to view and manage their total financial health from the MyFincheck dashboard!
What are your steps to using the MyFincheck Credit Score Tool?
- Register as a Fincheck user by filling out the form
- Confirm your email
- Log in and check your credit score
- Share the goodness with friends!
That's pretty simple, right? We know it's definitely much better than having to live in the dark all the time.
If you're as happy about this as we are, we'd appreciate it if you took the time to share this post with a friend!
To your financial future, The Fincheck Team