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How to check your credit score in South Africa

by | Apr 15, 2021 | Personal Finance

Do you know how to check your credit score in South Africa? Many consumers are in the dark about their credit report and credit score. Therefore, they don’t have a clear understanding of their overall financial situation or what their individual accounts looks like. Often, consumers only become aware of a default or judgement on their name when they apply for a loan and are turned down. And very few consumers are even aware that they are entitled to one free credit report from every credit bureau once a year.

According to Transunion, one of South Africa’s leading credit bureaus – fewer than 5% of South African consumers make use of the legislation which entitles them to obtain their credit report free of charge from every credit bureau every year.

What is a credit score?

A credit score is a number that evaluates your creditworthiness. It is based on your credit history and is displayed on your credit report as a 3 digit number.
The higher the number, the more financially trustworthy a person is considered to be.

How well or badly you pay your bills or how much debt you have will determine your credit score.

Your credit score in South Africa, is one of the most important numbers in your life. Especially if you are in the market for a home loan and vehicle finance.

What exactly is a credit report?

Your credit report shows your credit score, along with your defaults (accounts that are more than 3 months in arrears), judgements and applications for credit. Your credit report is basically a collection of data on a specific person, supplied by credit providers to credit bureaus. This is done once a month. Your credit report is a valuable tool used by creditors to determine how risky it is to grant you access to credit.

Debt counselling credit report

When you apply for debt review, you will have to give your permission for a full credit report to be drawn. This will enable the debt counsellor to have a better overview of your financial situation. It will also allow them to see exactly how your individual accounts reflect on your credit report.

One of the biggest advantages of debt review is that once all your debt has been paid – you can start the next phase of your financial journey with a clean credit report.

All credit bureaus are mandated by the National Credit Regulator (NCR) to supply consumers with a yearly credit report, so that they may be aware of their credit score and standing at all times.

You may access your free credit score from any of the following credit bureaus:

Compuscan:
www.compuscan.co.za

Transunion:
www.transunion.co.za

Experian
www.experian.co.za

XDS:
www.xds.co.za

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