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comprehensive credit reporting

What is a personal loan?

A personal loan is a monetary loan you can get from a credit provider such as a bank, credit union or online lender – usually for a specific life purpose like renovating your home, paying for a holiday or consolidating several smaller loans. Lenders approve personal loans by evaluating your creditworthiness. When you enter into a contract for a personal loan, you typically receive money in a lump sum and agree to repay the lender back the money in regular…

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Knowing what affects your credit score will give you the power to improve it

In the old days, only negative borrowing patterns – think late payments and defaults – could affect your credit score, also known as your credit rating. However, in 2012, New Zealand implemented a scheme called Comprehensive Credit Reporting (CCR). That means positive borrowing patterns – like making your payments on time – can help your score tick back upward. The positive and negative factors that affect your credit score Before we jump into the nitty gritty, this infographic should give…

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Couple jumping on the beach
Life after bankruptcy: How to repair your credit score, finances and your emotional wellbeing

There’s life after bankruptcy. Having your debts cleared by the No Asset Procedure (NAP) or bankruptcy can be a chance for a fresh start. But picking yourself up after insolvency (bankruptcy or the NAP) can be way more difficult than most people expect. Insolvency isn’t just a piece of paper. By the time you’ve reached that point your financial and emotional future can seem like a long dark tunnel with no end. Coming back from bankruptcy When entrepreneur Michael Williams*…

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