Credit Reports - Credit Monitoring - Credit References
Your credit report contains all your credit history. Whether you are applying for a loan, mortgage or credit card your credit report will be looked at by lenders, banks and other financial institutions. Credit reports can be used by lenders when deciding whether to approve a loan, how much credit to offer, and what rate of interest to charge so they are important. A good credit report can be a valuable asset so you should ensure that the information is correct and up to date. We have made it easy for you to search and apply for the best credit report services in South Africa in the table below. Please make sure that you read the terms and conditions in detail so that your fully understand how this service works. Take your time to consider the information below.
Compare Credit Reports Services
What is your credit report?
Most people do not realise how important your credit report is.
Essentially a credit report is a detailed account of all your financial history. Credit reports compile information that includes any current loans and credit cards you have or have paid off, your payment history and any outstanding debts you may have. Furthermore, credit reports hold details concerning whether you have been declared bankrupt.
Credit reports also contain a variety of information about you including your name, addresses and the name of anyone who you share an account with. What will also show up on your credit report are the companies and lenders that have requested to view it.
Why are credit reports important?
A credit report is used to summarise your financial reliability and everyone has one. Credit reports are designed to give lenders an idea of what risk is involved by lending money to you. Whenever you want to borrow money a lender will look at your credit history to determine whether or not to lend money to you.
If you do qualify for a loan or credit card, the lenders will use your credit report to determine how much money you can borrow and how much interest you will have to pay on your loan. Generally speaking if you are seen as high-risk you will be given higher interest rates. Therefore, those with bad credit ratings
Credit reports can be easily damaged, simply by missing credit card and loan payments. A poor credit report will stand between you and the financial product you want. In some cases with a bad credit report it is unlikely that you will qualify for certain loans and credit cards.
Why should I check my Credit Report?
As your credit report is important it is necessary that the information in it is correct and that it accurately reflects your financial situation. This is because any information that is inaccurate, out of date or wrong can adversely affect whether or not you can get the product you want.
Before applying for financial products like loans and credit cards you might want to consider getting a copy of your credit report to make sure there are no errors or wrong information on it that could lower your credit score. You can do this through the services listed above.
When checking your credit report you should also keep an eye out for any activity that you do not recognise because this can alert you to potential identity fraud.
How can I access my credit report?
Use the table above to compare different services that offer access to your credit report. Make sure you read the terms and conditions fully and are aware of any potential fees involved.
Universal credit ratings just don’t exist. Each lender scores you based on its ‘perfect customer’ and could potentially use a different credit report company when they are looking into your credit score. You have the right to view your credit files and you can often do this for free. Check every detail and do this regularly. People are often rejected for credit because an unused (but not cancelled) mobile contract’s address hasn’t been updated after a house move – so always check!