How to Check your Credit Rating

As a consumer, there are ways to check your credit rating

If you are using credit you are leaving a record of your activity. Credit bureaus gather this information to provide a detailed account of credit history. This rating reflects a score of all your financial decisions.

By assessing potential risk, they are less likely to lose money.

Tameka has had a few credit accounts for a while. She wants to apply for more finance and is wondering how to check her rating beforehand. She wants to apply for a car loan and is not sure if she will qualify. She starts to recall all of the times she skipped payments and starting to doubt her ability to qualify.

For starters, it’s key to do it before she applies.

This way, Tameka has a better idea of the steps she needs to take if she wants to better her score or maintain it at an excellent level. Scores below 620 mean that these individuals are high risk.

The last thing you want is to apply and face rejection.

In South Africa, as a consumer, you are allowed to have one free credit report annually. You can check with organisations such as TransUnion, Compuscan, Experian and XDS. Simply log onto any of their websites and fill in the necessary details. Once signed up, you will then receive a detailed account of the manner in which you have handled your agreements.

If there are any errors she has the right to challenge any discrepancies.

Tameka is able to alter some of her behaviour. If she has an excess amount of debt to her name, she can reduce it. Skipping payments should become a thing of the past.

This credit rating assists lenders with making accurate lending decisions, so be sure to check your credit rating regularly. A higher rating means better credit health.