According to the National Credit Act, every consumer has the right to one free credit report in a 12 month period.
Consumers can get this credit report from these credit bureaus
- TransUnion (ITC)
What is a credit report?
A credit report is a complete record of your financial history. It details information on your borrowing and spending habits, payment trends and contact details.
A credit report reveals past and present loans, credit cards, mortgages and any other reported debts. It discloses the status of these accounts, whether up-to-date, overdue, paid in full or whether there were any collections. A credit report will register the severity of your overdue accounts.
As a credit-active consumer, it’s important that you check your credit report at least once a year to make sure that the information listed on it is correct.
What are the benefits of getting a free credit report?
- You are able to get better insight into your current debt ratings with banks
- You can get detailed information about your debt
- You know exactly who has viewed your credit profile
- You are able to know exactly how much you still owe
- This gives you the opportunity to improve your credit rating
- You can challenge the information presented in the report to keep it completely accurate.
Compuscan offers a service called My Credit Check, which is an easy-to-use, online portal that allows all South African citizens, with a valid South African ID number to access their credit information via their personal credit report.
By choosing to get a free credit report here, it will help you to understand your credit data, show you how to monitor accounts, manage debt and will help you improve your credit profile.