Take control of your credit score! Expert from Old Mutual shares tips...

Thabo Shole-Mashao (standing in for 702 and CapeTalk’s Africa Melane) speaks with Thabo Hollo of Old Mutual.

Listen below:

Your credit score is a financial report card that assesses your risk and reliability in managing your debt.

A good score (above 650) can help you obtain better loan and credit terms, while a bad score (below 500) can make it hard, sometimes impossible, to get approvals.

RELATED: Will buying now and paying later affect your credit score?

“When you are paying late, it does have a negative impact on your score. So, as much as you possibly can, keep up with your payments and the correct amount. 

– Thabo Hollo, Old Mutual

Consumers are entitled to one free credit report annually via a credit bureau or financial service provider.

The good news is that you can recover your credit score, but it requires discipline and consistency.

RELATED: You can ‘fix’ your credit score. Financial advisor shares tips to get you started

“Go through that credit report, go to your creditors and make those arrangements… stick to the arrangement and rebuild your ability to repay the amounts.”

– Thabo Hollo, Old Mutual

Scroll up to the audio player to listen to the discussion.