So, how come all of a sudden every South African is in need of a credit report?
The demand for credit reports has jumped an estimated 400% in the past year and we are seeing a dearth of new service being offered, on billboards, in the media and online through digital marketing offerings. Companies such as Kudough, Trans Union (formerly known as ITC), Experian and many more are suddenly offering free credit reports, or get your credit report today for financial freedom.
Since everyone is looking for a credit report and trying to understand their score, the 18,5 credit active consumers have resulted in a 54% good standing citizens and an improvement of about 97,000 people, and we know this all started when credit reports became the new buzz. All we needed is for some billboard ads from government stating – Credit Reports in South Africa – a government sponsored initiative. After all more than 189 million enquiries were done on credit reports in South Africa. We understand that of the 90,000 odd thousand private reports done at least 25% were paid for and the balance was free credit reports.
So what is in a credit report?
Information about you, your marital status, birthdates, addresses, phone numbers, work and home and mobile.
Then your enquiries made by service and credit providers at which you applied for credit and their only source of information is your credit report.
All Trace alerts – a statement on your credit report that states you are being looked for.
Adverses and Judgments – which you do not ever want on your credit report. This means you owe people money, simple as that.
And lastly, your payment profile. This is the one thing any lender will look at and he will scrutinize credit reports looking for how you pay your accounts over the past 24 months.
How do you clean up credit reports?
We are fortunate that credit reports in South Africa and the protection of people and lenders alike are covered by the NCR, the Consumer protection act and we expect new regulation in place shortly.
Firstly, get your credit report and read it carefully, then email this to us and firstname.lastname@example.org and we will assist you. This free credit report assistance service is a LeadSA initiative.
A clean credit report means – a step in the direction of obtaining credit, getting better interest on your home loans, loans, car deal and a way forward to a debt free and manageable life.