Take control of your finances by checking your credit report

JOHANNESBURG SOUTH – Millions of South African consumers are unaware of the content and status of their own credit bureau reports and many do not realise that they are listed at credit bureaus.

Credit Ombud advises consumers to take charge of their finances by obtaining a report from each of the major credit bureaus. By law consumers are entitled to one free report from each bureau every year.

Always assess if the information on these reports are accurate. If not, consumers have the right to dispute any discrepancies.

To obtain a good credit score, consumers should pay the full installment that is due for all their accounts on time each month. If consumers pay all their accounts on time, their credit report will, over time, indicate that they are reliable and consistent payers allowing consumers to obtain home loans and a higher credit limit.

Missed payments will always reflect on credit reports even if a double payment is made later. Paid-up defaults and judgments should, however, be removed from your credit record. Consumers can ensure that this is done by obtaining a report shortly after making the full payments and if the defaults or judgements still reflect, consumers should lodge a complaint with the relevant credit bureau.

Should a consumer receive notice to warn that a credit or service provider intends listing a default against his or her name at a bureau, consumers can take immediate action to avoid the default from being listed by paying up the amount that is due. Should a report contain a default listing, consumers should ensure that they did receive the notification letter because if the notification was not received, consumers may have grounds to lodge a complaint with the relevant credit bureau.