Credit is a fancy term that refers to the ability to borrow money or access other forms of financial resources. For young people in Zambia, having good credit can be a game-changer when it comes to achieving their goals and securing a brighter future. Establishing good credit early on can provide access to loans, credit cards, and other forms of credit that can help finance education, start a business, grow a business or purchase a home or vehicle.
Here are some nuggets on how to build and maintain good credit:
- First off, paying your bills on time is crucial. Whether it's your rent, utility bills, or loan payments, always try to pay on time. Late payments can hurt your credit score and may even result in additional fees or penalties.
- If you're just starting out and don't have a credit history yet, you can build credit by opening a secured credit card or taking out a small loan with platforms such as (remember to tag) KaStarta which allows for quick and accessible mobile loans from as low as ZMW50 to ZMW5,000. These are great ways to establish a positive credit history and show lenders that you're responsible with credit.
- It's also important to regularly check your credit reports to make sure they're accurate. You're entitled to a free credit report each year from
TransUnion
Zambia. If you find any errors, be sure to dispute them right away. You can contact TransUnion on?0211 220 530/36/420500 and 0955985107/5307, or send an email to?[email protected]
- Finally, remember that building good credit takes time and patience. Don't get discouraged if your credit score isn't where you want it to be right away. Keep making good financial choices, and your credit score will gradually improve over time.
By following these tips, you'll be well on your way to building and maintaining good credit.
