Know your credit bureau record
JOBURG – Credit Ombudsman explain how the public can find out about their credit bureau record.
Millions of South African consumers still remain largely unaware of the content and status of their own credit bureau reports. This, according to deputy Credit Ombudsman Reana Steyn. “Many still do not even realise that they are listed at the credit bureau,” she said.
Steyn explained that consumers assume that they are not affected by such matters, because they have never had any problems with their creditors or the law.
Credit Ombudsman Nicky Mohan warned that consumers need to be informed that the moment they enter into any credit or service agreement, their personal details, exposure and monthly payment behaviour is captured, stored, updated and the information is provided to other entities, such as credit providers, cellular service providers or even prospective employers.
Mohan explained that the office of the Credit Ombudsman has noticed a lack of knowledge from consumers about the role of credit bureaux and the manner in which they operate. “As a result, many consumers are disappointed when they apply for credit because they then realise for the first time, how long the information is displayed and used by other entities in assessing their credit applications,” he said.
Mohan suggested the following ways in which a consumer can take charge of their credit report and finances:
• Obtain a report from each of the major credit bureaux. Every consumer is entitled by law to one free report from each bureau every year.
• Assess whether all the information on those reports are accurate. If not, again the law provides the consumer with the right to dispute the inaccurate information.
• You can improve your credit record if you pay everything on time as per the agreements. Over time you can always change your report to only reflect positive information.
Consumers can contact the office of the Credit Ombudsman for free assistance on matters relating to problems experienced with any unfair or incorrect listings on a credit bureau.
Details: Office of the Credit Ombudsman 086 166 2837.
