Beware of online credit scams
Residents have a right to one free credit report from each of the credit bureaus.
There has been an increase in the number of fraudulent online credit fixers.
This is according to Ms Gayle Mower, a fraud specialist at TransUnion credit bureau.
“As more people struggle to cope with debt and the interest rate increase, the growing numbers of fraudulent online credit fixers are emerging to take advantage,” Ms Mower revealed.
“There are dozens of advertisements on popular online classified websites that promise debt-ridden consumers a way to clear their name from a blacklist, to rehabilitate credit profiles and to get judgements removed from credit records for a reasonable fee. In many instances, the service being offered is a scam,” said Ms Mower.
She pointed out that there is no easy, quick-fix way to remove or delete one’s record of debt, or to rehabilitate a credit record. No unauthorised company or lawyer can simply remove negative data from the credit bureau, regardless of how much they are paid.
“There is a process consumers can follow should they wish to dispute any information on their credit report. The first step is to obtain your free credit report from a credit bureau. Every consumer is entitled to one free credit report from every credit bureau every 12 months. If there is information that does not appear to be accurate in the report, consumers can contact the credit bureau directly and register a dispute. The bureau will then investigate, respond within 20 days and, if necessary, take remedial action,” said Ms Mower.
There is no charge for this service and absolutely no need to work through an intermediary, not even those who claim to have many years’ experience in fixing credit problems.
Ms Mower offered the following advice for anyone considering responding to advertisements from lawyers, or anyone else, claiming to be able to sort out credit woes:
r Check that the service provider is a legitimate, registered business. All legitimate debt counsellors must be registered with the National Credit Regulator (NCR). Visit the NCR website and search the register of debt counsellors.
r Be wary of any business or lawyer who claims to work for the credit bureau. Phone the credit bureau directly to confirm.
r Be aware that a legitimate business is unlikely to communicate with you via WhatsApp or non-business, social-media type emails such as Yahoo and gmail accounts.
r A legitimate business is also unlikely to support e-wallet transfers into their accounts
r Be wary of any agent, service provider, business or lawyer who claims to work for the credit bureau. Phone the credit bureau directly to confirm.
Residents have a right to one free credit report from each of the credit bureaus. Contact 0861 482-482 or at www.mytransunion.co.za for more information.
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