Since Absa launched its financial inclusion Credit Coach in April 2024, it has garnered over 1,4-million views.
Absa Credit Coach, available for free on the Absa banking app, offers a suite of tools to help customers monitor and improve their credit scores:
* Check credit score: Access and monitor credit scores directly within the app.
* Receive personalised tips: Get tailored advice to improve credit scores.
* Stay informed: Receive notifications on credit-related activities on your name recorded on bureau.
* Dispute records: Log disputes against suspicious or incorrect credit records by contacting TransUnion customer support directly through the Absa banking app.
* Make payments: Make missed payments directly within the app. However, customers will only see this capability if they have the latest version of the banking app.
* Get help: Access consumer credit educational content and receive in-context guidance to help you improve your credit. For further assistance, contact the Absa Collections Contact Centre to discuss applicable payment arrangements and debt review options designed to provide the relief you need.
Tshipi Alexander, executive for card and rewards at Absa, says: “We are thrilled to offer Credit Coach to help our customers bank healthily and improve their credit scores. While we are still in the early phases, we have seen significant customer interest and usage. We have also observed interesting popular features that customers frequently visit on credit coach. For instance, our internal research shows that customers appreciate features like credit score comparisons and the ability to dispute records directly from the app.”
Vuyo Nohamba, executive for personal loans at Absa, emphasises the importance of maintaining a healthy credit score. “A good credit score can lead to lower interest rates and better financial opportunities. Absa is dedicated to helping customers understand the importance of credit health and providing the tools to achieve and maintain it.”
Nohamba shares the following tips for South Africans looking to improve their credit scores:
* Pay your credit commitments on time: Avoid missing payments by setting up a debit order for your salary date.
* Consolidate your debt: Combine your debt into one easy to manage account.
* Keep your credit usage low: Use less than 30% of your available credit limit.
* Monitor your credit report: Regularly check for and dispute errors.
* Avoid multiple credit applications: Only apply for credit when necessary.
* Manage existing debt: Focus on paying down current debt.