Experian helps Wits students learn about healthy credit and win money towards their student loans

Picture: Supplied Representatives of Experian with some of the student loan winners at the Credit Day hosted by Experian, in partnership with Rhiza Babuyile and the University of the Witwatersrand.

 

Experian, in partnership with Rhiza Babuyile and the University of theWitwatersrand hosted a ‘Credit Day’ on August 2, where they spent some time teaching students about the importance of being savvy with their finances.

The event, hosted at the education campus in Parktown, was focused on educating students on the importance of taking control over their finances and understanding things such as their credit scores and how to build a reputable credit score.

To encourage participation and engagement from students on campus, Experian gave twenty students R5 000 each towards their student loans.

Strategic service manager at Experian, Keoitshepile Machikape, said it is imperative that students be made aware of the importance of healthy credit scores sooner rather than later.

“Staying trending with the latest fashion and retail accessories may seem important to students. However, if funding your current lifestyle means borrowing money that you can’t afford to repay, it may have a negative impact on your finances, particularly in the years after graduation when a bad credit record could make it difficult to apply for loans for those major purchase, such as a first car,” he explained.

Machikape also said one of the ways in which one can start to get into the habit of making payments on time and slowly build a healthy credit score is to start off with small things like a cellphone contract.

“People make the mistake of thinking that going on credit means something expensive. Young people can start by getting used to ‘safe credit’. Things like a phone contract or a credit card that limits you to R2 000 a month. That’s a good start. It will help a few years down the line when you start looking to buy your first car or getting a small loan for your small start-up business.”

Beyond just making sure that you know your credit score, Experian can also make sure that your identity is safe online and you are not a victim of fraud.

“Regularly checking your credit report will assist you in maintaining a healthy credit profile, enable you to ensure your information is up-to-date and reflects your credit track record accurately and will also help you to identify if you are a victim of identity fraud.”

The more insight and understanding students have about their credit profile and the role of their credit report, the better position they will be in to build and strengthen their overall financial well-being from the start.

Read: Check your credit report

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