Credit Report - Get your Free Credit report Today!
Why do you need to know your credit status?
Knowing your credit status is key to building and maintaining your financial wellness. Your credit history is there to show you how good or bad your credit information is and how your credit rating compares with other consumers. Information on the credit bureau is used by most credit providers to develop their own credit risk score. Together with your employment history, income and expenses and profile they will determine the out come of your credit application. Make sure you regularly draw a credit report and query unknown or incorrect listings with the relevant credit bureaus. It is important to see who is doing inquiries on your profile to prevent fraud or identity theft.
Who can access my ITC report?
When you apply for credit you give the credit provider permission to view your credit report. They use this information to decide if you qualify for credit or not. Applying for credit constantly and at the same time with various credit providers can negatively affect your credit ratings. If you have applied for credit and were declined, get a copy of your credit report see were the problem areas are and fix it before applying again.
Credit Bureaus?
In South Africa we have 4 main credit bureaus. Which is Experian, TransUnion, XDS and Compuscan. It is important when getting a credit report, to get a report from each of the above bureaus. The reason for this is some creditors only use one or two of the bureaus to list on, meaning you dont always get a clear picture. If you want to get an overall view of your credit profile you need all 4 reports.
How to dispute incorrect information on your Credit report?
Contact the relevant credit bureau’s where the listing and or incorrect information reflects and lodge a dispute. Once the dispute is lodged an investigation will take place. The creditor will be informed and given a chance to provide evidence that the information on your report is correct. If the information is found to be correct it will remain on your credit report, but if found to be incorrect the information will be removed within 20 business days. Make sure your personal information is correct at each credit bureau, as this could affect your credit rating negatively.
How to fix my credit profile?
To increase your credit score try not too apply for any credit and pay your accounts on time for a minimum period of 3 – 6 months. If you have any adverse listings on your credit profile we have a couple services to assist in having them removed, have a look at Debt Management to see which service best suites your situation. There is no quick fixes and many scammers looking to take advantage of you and your situation. Ask the right questions.