Check your credit report
JOHANNESBURG – Credit Bureau Association calls on people to check their credit reports.
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The Credit Bureau Association is encouraging people to check their credit reports to keep track of their accounts and to identify any possible fraudulent activity under their name.
According to a recent survey by the association, seven out of 10 people believe that their credit score is important to them, three in 10 admit that they have never checked their reports and only four in 10 have checked their reports in the last year.
“Checking your report is a good way to see how certain accounts and your management thereof are affecting your credit score, and to spot any potential identity fraud,” said executive manager of the association, Jeanine Naudé Viljoen.
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“We want to see the number of free reports issued going up consistently because it is a sign that people are taking responsibility for their own credit situations.”
Further information from the quarterly Credit Bureau Monitor (CBM) report released by the National Credit Regulator suggests that survey respondents are either not representative of the average credit consumer, or are actually over-reporting their history of accessing their credit reports. The CBM data shows there are more than 24-million people who are credit active in South Africa. This means that they use credit such as store cards and credit cards.
However, less than three per cent of those consumers check their credit reports annually. This is despite the fact that every credit consumer is entitled to access one free credit report a year from each of the bureaus. This year has shown a 12 per cent growth of people accessing their free credit report, and 75 per cent of reports issued were done so free of charge.
Disputes over information on reports also increased in the latest reported second quarter of this year. It, however, doesn’t necessarily mean that more mistakes or errors are appearing on reports but suggests that South Africans are becoming more pro-active in managing their credit.
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“Even if the number of disputes rise as a result, this will ultimately help the credit information space to improve the accuracy of their data. And that means a more robust credit market overall, as credit providers use credit profile information as part of their legally mandated affordability assessments when deciding to grant credit.”
Details: For a list of all credit bureaus and their contact details visit cba.co.za
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