Build up your Credit Rating
News from SA Commercial Prop News:

So what is considered to be a favourable credit score? Having a favourable credit rating is essential to obtaining the necessary finance to purchase a property.

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that this is why consumers should know their credit rating score and how to build it up to ensure that it is looked upon in a positive light by credit providers and financial institutions.

According to the National Credit Act entitles consumers to one free credit record check during a 12 month period. He suggests that consumers should take advantage of this and guarantee that their credit record reflects the correct information and that their credit rating is within the complimentary category. Because consumers are able to obtain a free credit check from each of the bureaus, they will effectively be able to check their credit rating every four months from South Africa’s three major bureaus namely Experian, TransUnion and XDS. 

So what is considered to be a favourable credit score? “A score that is 660 or higher is generally considered to be a very good score. Consumers with credit scores within that bracket will have a much higher chance of obtaining finance at the best possible interest rates. Consumers with scores below 620 will find it a lot harder to get credit as they will be regarded as h…………… continues on SA Commercial Prop News

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RENTWATCH: Landlord wants to run credit check after lease is signed
News from Milpitas Post:

Q: My wife and I just signed a one-year lease for a rental home. Before we signed her lease form, the owner of the home ran a credit check on me.

Since we signed the lease after the credit check on me, I assumed the check turned out to be favorable. Then, one week before we were scheduled to move into the house, the owner called me to ask for my wife’s Social Security number. The owner said she had decided she needed to run a credit check on my wife before she would allow us to move in. She says that the lease has a clause that allows her to run a credit check whenever she wishes, and if my wife refuses, she won’t let us move in.

We have already given notice at our current apartment and made arrangements to move into this house. Does the owner have a right to insist on my wife’s Social Security number for a credit check at this late date?

A: Every tenant has a right to privacy guaranteed by the state Constitution. This right applies to a tenant’s personal financial information. However, California Civil Code Section 1950.6 creates an exception to this privacy right in order to allow a landlord to conduct credit checks to screen rental applicants.

The purpose of this exception is to provide a fair opportunity to screen potential tenants. In your case, the landlord has already signed a lease, so the policy of encouraging adeq…………… continues on Milpitas Post

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