What is A Credit Union?
You may have heard of various credit union in South Africa and you may not be exactly sure what they are. Let’s take a quick look at what exactly credit union is and what they can do for you.
A credit union is also often referred to as a credit bureau. Ahey provide benefits for both consumers and businesses. For consumers, they provide information and helpful tools for a clear understanding of their credit history and financial reputation, and to guard against the theft of personal information and potential fraud. For businesses, they provide powerful analytic solutions, backed by professional service and current, comprehensive data for all Southern African businesses.
Credit unions only offer helpful information that people can use to make decisions in terms of where to apply for credit, and how their credit history reflects the moment. Businesses can also contact credit unions in order to obtain information about an individual’s credit history, as well as to confirm personal details. Whereas banks are able to provide clients with credit as they are registered credit providers, and serve as lenders to private individuals and businesses.
You need to always ensure that you keep a clear credit history and that you always dependent on time, as this will reflect positively at all the credit unions in South Africa. If you want to apply for credit or open new bank account, or even buy a home, the lender will look at your credit history that he or she will get from the credit union, in order to make the decision as to approve or decline your credit application. Also make sure that your details of the various credit unions are always up-to-date.