Your credit score gives lenders assurance that you will be able to pay back their money. It also determines the interest rates which you will be charged on the loan that you take. In South Africa there are three credit bureaus that specialize in giving out credit reports. Every consumer is entitled to one free credit report per year and they will purchase any extra reports in case that they need it. The three credit bureaus in South Africa include Transunion, Compuscan and Experian and their prices for credit reports differ accordingly.
The second option is to approach your credit card company for a credit report. Credit card companies also have access to the credit report information. If you find any incorrect information, you are allowed to dispute it. Any wrong information could negatively impact your ability to get credit. Consumers must therefore be careful when they receive their reports.
The third and last option is to find free websites like clearscore.com. Consumers are not required to make any payments to view their credit reports from these free websites. They are only required to provide their email and password to sign up. They then provide their personal information which will be used to extract your credit report. Personal information includes first and last name, mailing address, DOB, social security number.
Consumers can also approach a housing or credit counsellor. They can easily access your credit report for free and advice you on how you can improve your score. Consumers must not request their credit report unnecessarily as this negatively affects their credit score.
