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How To Check Your Credit Score In South Africa
We all want to build a stable life for ourselves and our family and to do so we often need to rely on financial institutions to borrow money to realise certain dreams. Making sure a financial institution can fund certain life-changing purchases and decisions relies heavily on how you rank in terms of risk.
Knowing how financial institutions view you is vital if you are to gain access to the necessary funding you need to make those significant purchases. Many people only investigate their credit report after they’ve been denied a loan or given a very high-interest rate and by that time it's already too late to make proactive changes.
When it comes to responsible money management, your credit status, or your debt, it is best to take on a proactive approach to ensure you can improve your chances of gaining favourable finance rates.
What exactly is a credit score?
A credit report or credit score is a review that provides a comprehensive record of your financial history, along with detailed information on your borrowing and spending habits, payment trends and contact details. It reviews accounts you opened, payments you’ve skipped, judgments taken against you and what you owe your creditors. You can check your free credit score and report as many times as you like for life. Very importantly, it also tracks how well you are repaying the debt if you are managing to do well. The credit report gives financial institutions a strong indication if you are a sound candidate for future financing options.
The information used to calculate your credit score will is sourced from credit providers you have borrowed from in the past. It can be any dealings with a financial institution from something as simple as a clothing account to a loan from the bank, or cell phone contract; all credit data gets sent to registered credit bureaus, which enables credit bureaus to do credit checks.
Knowing your credit score is essential if you want to make big-ticket purchases like financing a car or purchasing a house so knowing where you stand is vital. Fortunately for South African citizens legislation makes this easier for us by providing access to a free credit report.
Where to get a credit score check in South Africa
1. Clear Score
ClearScore will provde you with access to your credit score for free. You have to sign up for an account and fill in a survey, and then you can access your credit score and report at any time.
TransUnion currently operates in 8 countries in Africa: Botswana, Kenya, Namibia, Rwanda, South Africa, Swaziland, Zambia and Malawi. They offer Commercial, Consumer, Insurance and Auto risk information solutions across many industries, as well as personal credit management solutions in Africa.
3. Go Credit Reports
Go Credit Reports provides consumers with a comprehensive overview of your credit information from the leading Credit Bureaus. Giving you instant access to your current credit score and exactly what is going on with your accounts. The report will also show you any defaults and judgements against you.
4. Finance Man
Finance man is an independent team working hard to make sure you get access to your credit score and report for free.
5. My Credit Check
My Credit check is a division of Compuscan.
Experian SA is part of a global business that combines the power of comprehensive credit history information, analytical expertise and sophisticated software to deliver a truly holistic solution to the South African credit industry.
7. My Credit Status
Launched in November 2013 mycreditstatus.co.za (MCS) is a web-based platform that enables active credit consumers to get direct access to their credit scores and profiles in an easy to understand and interactive report.
Compuscan is a trusted credit bureau and information services provider and overlay this data with intelligent insight and aim to make businesses more profitable by minimising their risk and identifying ideal opportunities. They aim to empower individuals to better manage their financial health by offering them access to their credit report.
Tell us your credit score story
Have you started to try and improve your credit score recently? How is it going? Do you have any tips you feel should be added to the list? Share it with us in the comments and let's help South Africans save even more.
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If you enjoyed this post and have the time to spend diving deeper down the rabbit hole, then we suggest you check out the following posts about improving your finances in South Africa.
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- How South Africans Can Save Money Each Month
Tags: personal finance