Credit bureaus maintain track of your credit history, both good and poor. Slow or late payments, defaults, or blacklisting are examples of negative data. The most serious of them is blacklisting, which can jeopardise your ability to obtain financing. In theory, you should not be banned without being aware of it, but it may and does happen. It is critical to verify to ensure you are not banned.
South Africans are entitled to one free credit report each year. These are simple to obtain and may be completed in a matter of minutes online. You may also reach them via phone. Some credit bureaus have made it even easier by launching an SMS service that allows you to verify whether or not you are banned. While this is beneficial, it is still in your best interests to obtain your comprehensive credit report.
Around 6 million South Africans are now banned, therefore being educated is preferable to being uninformed.
Don’t be taken off guard when applying for credit, and do your homework. It is also possible that inaccurate information is on your credit record. Knowledge is power, and being aware of any blacklisting will allow you to take action.
Blacklisting will have a significant influence on your capacity to obtain credit and will result in a considerably higher interest rate if you are able to obtain credit. It can also keep you from acquiring some jobs that need a credit check.
TransUnion
Transunion, one of South Africa’s main credit bureaus, has an SMS service to find out whether you have been banned. For a little cost, you may also get your credit score, account status, and a credit summary. Remember that you are entitled to one free complete credit report every year.
To utilise the SMS service, you must first register by dialling *120*8801# from your primary cell phone number.
Go to Transunion’s website to view your free yearly credit report.
Experian
Experian, a renowned South African credit bureau, also provides a free credit report every year. Simply register on their website to acquire yours.
Compuscan
Compuscan also makes it simple to obtain your free report each year via their website.
There are others, as well as independent agencies, that will provide you with access to your credit information. It is worth checking to see if there are any faults or merely to be aware of any problems. In any case, there are steps you may do to improve the situation with a little effort.
