If you have any form of credit agreements with registered credit providers, your information will be recorded by the Credit Bureau of the country. The Credit Bureau compiles your credit record based on information provided by your creditor(s).
Credit bureaus are often the first stop for many lenders when deciding whether to grant an individual credit or not. These institutions are responsible for collecting and monitoring consumer and company credit data relevant to a person or company’s lending history and habits.
In South Africa, you are entitled to one free credit check report a year from the likes of Experian, TransUnion and Compuscan. If you need any more information, you will have to pay a subscription service.
What is a credit check report?
A credit check report is a record of a borrower’s responsible repayment of debts. it a record from a number of sources, including banks, credit card companies and collection agencies.
What are the benefits of checking your credit report?
Your credit report carries a lot of weight, so it’s important to keep an eye on what it says about you. You need to make sure that you review it for accuracy.
Your file may even leave out important information that could sway a decision in your favour. Another important reason to learn more about credit check reports is because of identity theft. You need to monitor your credit report to make sure that your identity is not stolen.
Studies have shown that some credit files have an error rate that may be as high as 70%, so you should fix mistakes or remove any incorrect information as soon as you find them.
Here are a number of Companies that provide credit reports:
Credit4Life www.credit4life.co.za
XDS www.xds.co.za
Experian www.experian.co.za
My Credit Check www.mycreditcheck.co.za
Compuscan www.compuscan.co.za
