How To Check Your Credit Record In South Africa
A credit score, which consists of three digits, is used by banks and other lenders from the financial sector to assess your eligibility for credit, including loans and credit card applications. Your credit report, which contains information about your credit history and financial management in the past, is the foundation of your credit score. Due to this, when you apply for credit, lenders can evaluate your level of risk.
A Credit Report: What Exactly Is It?
Along with your defaults (accounts that are more than three months past due), judgments, and credit application history, your credit report also includes your credit score. A credit report is essentially a compilation of information about a specific person that credit providers have given credit bureaus.Every month, this is done. Creditors can use your credit report as a useful tool to assess how dangerous it is to extend credit to you.
Where can I find a free credit report?
Where do you begin your search when there are so many websites that offer the ability to check your credit score for free? Here are the top 6 websites you should use to check your credit score for free online:
Advantages of Clearscore: You may access your financial information with Clearscore, including credit reports, scores, and Open Banking information.
On their website, Clearscore has a page dedicated to assisting users in learning more about their credit score. On this page, they feature articles with advice and tips for raising their rating.
Cons:
Online form inquiries may take a while to be answered.
If you are unfamiliar with credit scores, their internet interface could be difficult to understand.
MyCreditCheck
Pros:
Price: It costs as little as R25 to examine your credit report.
Every year, users are given one free credit report.
Cons:
Online response times might not be accurate.
Some individuals who signed up for their “free” credit report stated that their information was taken without them receiving the report.
TransUnion Advantages: To assist their clients in making the best financial decisions possible, TransUnion offers the most comprehensive and multifaceted information accessible.
To assist their clients in gaining a broader perspective and implementing successful business plans, TransUnion collaborates with banks, healthcare organizations, property managers, and other businesses.
Cons: Online response times might not be trustworthy.Although some individuals claim to have finished the registration procedure, they are denied access to the report
In South Africa, how long does a bad credit history remain on your record?
Your payment history is included on your credit report. It keeps track of all your accounts and shows you which ones you have missed payments on or fallen behind on over the course of two years.Then, two years later, this damaging material just vanishes.
How do I get my South African credit history cleared up?
Paying out the debt is the simplest approach to remove your name off the credit bureau. One of South Africa’s largest credit bureaus, TransUnion, claims that this typically leads to your name being taken off the blacklist within 7 to 20 days.
