A credit bureau
A credit bureau obtains and maintains information about your credit from lenders and credit suppliers. Your loan balances, any accounts or loans that are in your name, and your repayment history are all included in this information. The actions taken against you if your accounts haven’t been paid are also documented.
Credit reporting agencies compile your loan history into a report that lenders can use to evaluate your credit application. If the lender approves your application, they will use this report to decide the terms of your loan. An individual should be aware of what his credit report may reveal about him before submitting an application to a reputable loan provider in South Africa.
Number of credit bureaus in South Africa
There are a total of 11 credit bureaus, each of which may receive information about you from various creditors. which are
- credit bureaus with full membership
- Experian, TransUnion, VeriCred, Consumer Profile Bureaus (CPB), and Xpert Decision System (XDS).
- Members of the intermediate credit bureaus are:
- Tenant Profile Network (TPN) and Managed Integrity Evaluation (MIE).
- Members of reseller credit bureaus are:
- Creditworks 360, Africa Credit Bureau, Lexis Nexis Risk Management Services, and Credit IT Data Risk Management Solution.
The main credit bureaus in South Africa
Experian
Experian is a leader in information solutions and a worldwide credit bureau that was founded in 1980 and operates in 36 countries. For you to compare with other reports, Experian offers credit reports in an accessible format. giving you information on your credit standing.
The transunion credit
The TransUnion Credit Bureau has been in business for more than a century and maintains data on 3.3 million businesses and 18 million people. TransUnion is one of the biggest and most reputable credit bureaus in the world, with operations in 23 nations and a headquarters in Chicago.
Compuscan
The first credit bureau in Africa, Compuscan was founded in 1994 and is dedicated to provide comprehensive credit management solutions for developing economies. Consumer credit data is gathered, checked, stored, and distributed by Compuscan. Along with this, they provide products and services to help customers minimise risk and increase profits. aiming to improve client interactions and promote purpose-driven credit management.
XDS
South Africa’s XDS (Xpert Decision Systems) is a fully independent black-owned credit bureau. They offer unique, consumer-specific information solutions that are user-focused and inventive.
