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Want to enhance your creditworthiness? Check up on your credit report to ensure that inaccurate negative listings aren’t dragging your credit score down.

Credit Education

The National Credit Regulator (NCR) is encouraging consumers to ask the credit bureaus for their free yearly credit reports to make sure their credit statuses and scores are in order. The NCR has teamed up with the Credit Bureau Association (CBA) and South Africa’s 14 registered credit bureaus in an effort to urge consumers to access their free credit reports for educational purposes.

According to the National Credit Act (NCA), consumers are allowed one free credit report a year from each of the credit bureaus. Although, a second copy during the same year comes with a fee.

Repayment Information

The credit bureaus record both positive listings, e.g. when you repay your debts on time, and negative listings e.g. when you fall into arrears or default on repayments. This data is kept so that credit providers can assess the risk involved with lending to certain consumers.

Regardless of whether you make your payments on time or not, if you have an account, loan or credit with a creditor, lender or service provider in South Africa, the credit bureaus will record all information of your repayment behaviour.

Challenge Incorrect Information

You have the right to challenge listings on your credit report, if you find any information to be inaccurate. To do this, you need to contact the credit bureau that issued the credit report to you. After which, they have 20 working days to look into the matter.

Ask for your free credit report today and get clued up about your credit status. You may just find you can boost your credit score by having incorrect information removed.