As a credit-active consumer in South Africa, you have access to a range of credit services, which can make your life much easier and more convenient. With this opportunity however, comes the responsibility to make sure that you repay your creditors on time to keep your credit score high and intact.
It’s important to keep in mind that your credit behaviour affects important milestones in your life. Looking to buy your first car by getting finance from the bank? Looking to buy your first house? Your credit record will be the first port of call for credit providers. They will assess how much debt you have and how well you have paid.
Your credit report displays what debt you have incurred over the past 24 months and if there have been any critical changes to your credit profile. These changes may include negative listings such as a late payment to your account or non-payment, which could lead to a judgement against you.
If you are interested in doing a credit check on yourself, you have options available through various credit bureaus.
By law, South Africans who are credit-active are entitled to a free credit report once a year.
A guide to doing a credit check on yourself:
- You can log onto the website of any of the leading credit bureaus in South Africa such as ITC, Compuscan and Experian. You’ll need to create a profile.
- Compuscan’s My Credit Check is available through the easy-to-use online portal. Using the service helps you understand your credit data. It also shows you how to monitor accounts, manage debt and improve your credit profile.
- Your credit report tracks every account you open, every payment you skip, every judgement taken against you and every cent you owe your creditors.
- You get one free credit report a year and are charged thereafter.
- Pick whom you want to do your credit check with here.