How to Make Your Credit History Better in Sri Lanka

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What is a credit history and how to deal with it? This question is widely searched and discussed currently by many people in Sri Lanka and all over the world. And it is not for nothing, as the better the credit history of credit scores are, the better it is for a potential borrower of money or, in other words, for a credit user.  Today we are going to discover and keep in mind several good ways to improve your credit history in Sri Lanka and not only.

How to Make Your Credit History Better in Sri Lanka

Improve your credit history and feel confident to get money when you need it. The more you work, the more you earn, but a lot depends on some individual nuances and circumstances today. We all work but usually want more money for our life and family members. It happens very often when we strongly require extra cash and our credit scores leave much to be desired. Do you really need a loan? If, YES, then it’s time to think about your credit history and refine it if necessary. 

Credit history is a certain record which encompasses the detailed information about a borrower’s chargeable settlement of debts. Everyone can find a credit report that includes a special record of his or her own credit history in Sri Lanka from several sources, such as banks, companies that provide credit cards, debt collection organizations and governments. 

For credit history check use The Credit Information Bureau of Sri Lanka. It is open for everyone and absolutely free. Check your credit history to be aware of your score and to know what you can get or change. In case you find out that your credit history is not so ideal as you have expected try to change using 7 ways of credit history improvement.

How to Make Your Credit History Better: 7 methods

How to Make Your Credit History Better in Sri Lanka

Boost your credit score today and feel the benefits you can obtain after that. 

  • Keep a close eye on credit card balances

Open-end credit in contrast to what actual sum of credit you are using is the key determinant of your credit score. Broadly speaking, the usage of small credit percentage is beneficial for your credit history. It is recommended to draw no more than 30 % of your loan limit.

  • Settle your debt

The ratio of your credit consumption compares the sum of debt you borrow to the sum of the loan you actually have for spending. Loan holders usually want to be convinced of your ability to pay and understand you are not taking more than you can permit yourself to repay.

  • Pay your bills timely

As a rule, the biggest part of lenders is concerned about the probability that every potential applicant will repay his debts. When you pay back on schedule, it shows that the person is reliable and responsible. As a result, such behaviour can improve your general credit health. For this reason, it’s essential to provide all payments duly for everything you take.

  • Keep valid all your credit cards without cancelling them

One of the ways to improve your credit history is also to keep the length of your credit history. In what way it is possible to do we will learn further. There are different credit scoring models in Sri Lanka, and one of them is to take into consideration the term of your opened account. In other words, the longer your credit card live, the better for your credit history. When opening lots of new credit cards instantaneously or closing used accounts, you run a risk of getting your credit history to shorten. 

  • Do not miss any credit history errors

The accuracy of a credit report is very important for every loan user and consumer, and actually we have the right to get it when we need. When you are aware of all the details of your credit history and get it with sufficient errors, you just need to dispute them as quick as possible. You can do it by contacting your previous or active lenders/creditors who have provided the report for you or communicate with the representative of the credit bureau immediately.

  • Interact with your creditors

Getting credit history online is very easy for everyone, and nevertheless, sometimes it may require close communication with your creditors when a certain situation occurs. Of course, it is not so pleasant for borrowers, but, still is important and, in most cases, can convert into real assistance and support. When you feel, it is very challenging at the moment to pay off your debt for unpredictable reasons, simply talk to your lender. As they have various programs which certainly can help you unwind your debt. 

  • Begin early

You can start your credit history right now without any concern that it is only for the elder aged. Work for your credit score and try to change it all the time.  Any person in Sri Lanka who is older than 18 years can easily open accounts addressed to their name, meaning that they can launch their credit history instantly.

Learn additional information about commercial credit history or business credit score. Well, it is also a report that specifies credit histories and risks for different business organizations. For example, a business credit score shows or determines the probability of a company’s delay in payment. 

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Linda Carters/ author of the article

Financial Journalist on Advance Loans Philippines with 8 years experience in a Fintech niche.

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