Ricochet News

Check your credit score safely for free in a minute whenever you want

Nov 8, 2016
Check your credit score safely for free in a minute whenever you want

You can now easily and safely check your latest credit score online for free in less than a minute. Safety of personal information underpins this latest innovation from fintech startup Fincheck, the financial comparison website established to help South African consumers better manage their financial health. There is no equivalent service currently available to South Africans. 

Fincheck CEO Michael Bowren says: “Fincheck has partnered with SA’s major credit bureaus as well as international companies to ensure current and accurate credit score information is provided on our new MyFincheck service. We have applied international best practice standards of online security equivalent to those of SA’s big banks, using the same 256-bit encryptions.”

The My Fincheck Credit Score updates automatically leaving no ‘mark’ on your name. When other companies check your credit score it is marked against your name.

A credit score is a numerical representation of how good you are at paying back money. Bowren says. “A credit score of 300 is the lowest and 800 is the highest. If you are sitting anywhere between 630 -700 this is acceptable. A low credit score means that you are less likely to repay on time, a high credit score shows that you are more likely to repay money on time. Therefore, in terms of risk - a lender or bank is more willing to lend you money if you have a high credit score as it represents that you are more likely to repay your loan - a lower risk.”

“Checking your credit score using MyFincheck helps consumers make better informed financial decisions based on accurate information and up to date knowledge of their credit status. It moves Fincheck from being a financial comparison site only, to promoting a person’s individual financial health.

“Our key partners, SA’s accredited and legitimate financial institutions, say MyFincheck has significantly improved lead allocation as it takes people more directly to the most appropriate product and institution. They are more quickly linked with the most appropriate product or service and are making quicker choices”.

The number of South Africans using Fincheck has rocketed from 3 000 to 100 000 in just seven months. The number of financial products and services being compared has increased from 26 to 35.

Bowren says that in the past seven months, Fincheck has noted some interesting consumer behaviour. “The personal loan section is the most popular, followed by tax-free savings, home loans and vehicle finance. We also see a growing interest in investments. We receive a large number of queries from consumers wanting to ensure a financial provider is registered and legal. Clearly, SA consumers are weary of who they apply to – and rightly so.”