Why you need to care about your credit score

Written By Kim Manunui

Credit scores, usually rated out of 1000, are now widely used by lenders and service providers to assess the creditworthiness of both individuals and businesses. Most credit scores are between 500 and 900. A good score is considered more than 705. The increasing availability of credit data and the development of AI by lenders have made credit scoring a popular tool for decision-making.

Credit scores are not only used by lenders but also by providers of telecommunications, electricity, gas, broadband, cellular services, and property-related services. These organisations not only use credit scoring information to make decisions but also provide credit-related data that contributes to your credit score.

To protect your credit score and access mainstream and competitive funding, it is essential to make all debt repayments on schedule. This includes not only traditional sources of debt but also any services that offer credit. Businesses, in particular, must ensure that all trade creditors are paid on time.

If you find yourself in financial difficulty, it is crucial to inform your lender or creditor and work with them to repay any outstanding amount. While this may not prevent an adverse impact on your credit score, it demonstrates good character and a clear intent to resolve the situation, which most credit providers appreciate and may lead to a mutually beneficial outcome.

You can check your credit score and gain a deeper understanding at www.centrix.co.nz/my-credit-score

Kim Manunui

Hi, I’m Kim and I work with a great team to help individuals, as well as small and not so small businesses get their message, product and services to the world using digital media and creating wonderful websites that don’t cost the earth.

I was born in Canada, and grew up around Vancouver and the mountains of British Columbia. My love of pristine environments led me to New Zealand and eventually to the mountains, lakes and rivers of the central North Island which is home. My family’s heritage is here, and it’s from here that Korio traverses the planet.

The digital world is never static and neither are we.

And I say ‘we’ because I work with an awesome group of talented people who I gather together as required to complete a project.  Whatever your business, not-for-profit or individual needs are we gather the best team to get the job done.

Collaboratively we are creative, share sustainable values and work hard for great outcomes because that’s the buzz of satisfaction that drives us.

If you have an audience and market to reach, we can make that happen. Creative design, words that work and smart behind the scenes stuff that cuts through the online noise. We’ll design your website and then build it. We’ll manage the content as well as all your hosting needs. We can handle your online advertising so you get noticed,
and we’ll manage your social media presence so you get the clicks, likes and engagement to grow your business. All within the budget you set, because none of this needs to cost the earth.  And the job doesn’t stop when your website goes live. We are your virtual business partner.

https://www.korio.co.nz
Previous

Interest rate negotiations