A credit report outlines your credit history, public records and credit worthiness. According to the National Credit Act, consumers are entitled to one free credit report each year. Subsequent reports are R20 each.
Reasons why you should check your financial records on a regular basis:
- If you maintain your accounts responsibly it will be reflected in your credit report. You can use this to your advantage when negotiating interest rates.
- If your credit score is not up to scratch then you can then take the appropriate steps to improve it.
- You can check whether anyone has used your ID number to fraudulently open an account.
- To check that your personal details are correct and up to date.
According to Credit Health, the two main consumer credit bureaus in South Africa are Experian, a UK based multinational and TransUnion, a US based multinational, previously known as ITC (Information Trust Company).
Click here to access your free credit report from TransUnion.
Click here to access your free credit report from Experian.
