How to get your credit report
Credit reports are compiled by credit bureaus, which are businesses that collect, update and store the credit data (credit histories) of as many credit-active consumers as possible.
There are five major consumer credit bureaus in South Africa. They sell their data to their customers, mainly credit providers seeking to make the most informed and objective decisions when assessing an application for credit.
Credit bureaus also sell credit reports to individuals, but in terms of the National Credit Act (NCA), you are entitled to one free report a year from each of the five credit bureaus.
It's important to remember that credit bureaus don't accept or decline your applications for credit. They merely pass on the information that they have about you to those with an interest in it including prospective employers.
Credit bureaus collect information from a wide variety of sources - not only credit providers. The courts are a key source of information to the bureaus.
Get your free credit report today
You're entitled to one free credit report every year from each of the consumer credit bureaus. Because there are five consumer bureaus, you can draw your report from a different bureau every quarter, enabling you to check your credit report throughout the year at no cost to yourself.
However, it will cost you a little time and effort. But that shouldn't put you off.
It's time and effort well-spent, given that checking your credit report regularly is the best way to ensure that your report is accurate and keeps you aware of who is viewing your report.
Unauthorised viewing of your report could be an indication that you are being targeted as a potential victim of identity theft.
Before giving you your report, a credit bureau will need to verify your identity.
This is typically done online. In the process of applying, you will have to e-mail a copy of your ID to the bureau and answer some questions relating to existing credit agreements.
If drawing your credit report once a quarter sounds too much like hard work, you can buy a Kudough report - which is a report based on your information listed with three credit bureaus (Compuscan, Trans Union and XDS) - from your nearest Shoprite or Checkers.
All you need is your ID and proof of address. It costs R79 and in return you get a till slip with a summary, including your Kudough score, which could be anything from an A+ (excellent) to an F (poor).
The summary will tell you how many open accounts there are in your name, and if you have any judgments or defaults against you. You will also get a full report e-mailed to you.
Regular credit checking best way to curb potential ID theft
Angelique Ard
How to get your credit report
Credit reports are compiled by credit bureaus, which are businesses that collect, update and store the credit data (credit histories) of as many credit-active consumers as possible.
There are five major consumer credit bureaus in South Africa. They sell their data to their customers, mainly credit providers seeking to make the most informed and objective decisions when assessing an application for credit.
Credit bureaus also sell credit reports to individuals, but in terms of the National Credit Act (NCA), you are entitled to one free report a year from each of the five credit bureaus.
It's important to remember that credit bureaus don't accept or decline your applications for credit. They merely pass on the information that they have about you to those with an interest in it including prospective employers.
Credit bureaus collect information from a wide variety of sources - not only credit providers. The courts are a key source of information to the bureaus.
Get your free credit report today
You're entitled to one free credit report every year from each of the consumer credit bureaus. Because there are five consumer bureaus, you can draw your report from a different bureau every quarter, enabling you to check your credit report throughout the year at no cost to yourself.
However, it will cost you a little time and effort. But that shouldn't put you off.
It's time and effort well-spent, given that checking your credit report regularly is the best way to ensure that your report is accurate and keeps you aware of who is viewing your report.
Unauthorised viewing of your report could be an indication that you are being targeted as a potential victim of identity theft.
Before giving you your report, a credit bureau will need to verify your identity.
This is typically done online. In the process of applying, you will have to e-mail a copy of your ID to the bureau and answer some questions relating to existing credit agreements.
If drawing your credit report once a quarter sounds too much like hard work, you can buy a Kudough report - which is a report based on your information listed with three credit bureaus (Compuscan, Trans Union and XDS) - from your nearest Shoprite or Checkers.
All you need is your ID and proof of address. It costs R79 and in return you get a till slip with a summary, including your Kudough score, which could be anything from an A+ (excellent) to an F (poor).
The summary will tell you how many open accounts there are in your name, and if you have any judgments or defaults against you. You will also get a full report e-mailed to you.
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending
Latest Videos