Who Keeps My Credit Record – Is it Safe? How?

Your credit record is safe.

There are many South African credit bureaus. Each of these institutions keeps a unique credit record of every South African.

3 credit bureaus in South Africa – among many more – are Experian, Trans Union and Compuscan.

Credit bureaus are independent institutions that make it their business to assist credit providers and customers in making fair and reasonable decisions regarding credit through credit record data. These institutions pride themselves on being honest and transparent. A credit bureau’s business relies on its reputation. So it is of utmost importance to them that they never lie about the credit reports they produce. Be aware of the fact that the same person’s credit record report may differ slightly from one credit bureau to another. This is because the formulas used to calculate a credit score may differ. Don’t be alarmed. This difference will not make your good credit score a bad credit score. Personal credit records are just the beginning. Credit bureaus keep the credit reports of businesses as well. These reports range over a wide scope of industries and types of loans. The system of accounting of credit in South Africa is completely electronic. This means that as soon as a certified credit provider logs a transaction in its system it gets noted on the credit bureaus of South Africa’s reports. This is essential for the trustworthiness of the information these institutions supply to its members and customers.

Credit bureaus operate under the authority of the National Credit Act and are regulated by the National Credit Regulator.

The CBA – Credit Bureau Association – is a voluntary body that promotes fair and equitable services. They have 14 members. These members are credit bureaus that have to comply with the CBA’s strict code of conduct. This code of conduct is even stricter than the regulations set out by the National Credit Act. If a credit bureau isn’t listed with the CBA it surely doesn’t mean they are bad. But it serves as extra peace of mind knowing that those that are listed with the CBA are governed by strict regulations. Research your credit bureau of choice and remember you have one free credit check for every 12 month cycle from your previous free credit check.

Did you know – Fincheck allows you to check your credit score, alerts you of any fraudulent activities and updates your score numerous times a year, all for Free. Fincheck makes its money from banks and lenders – this enables us to offer a free service to you. Check it out here – Fincheck


black and silver door knob

Meeting savings goals does not mean you have to open multiple savings accounts

With a single saving offering embedded in the account, account holders can opt for a single investment that covers short-term, long-term, and wealth-building opportunities at the same time.   A shift in thinking and services has accompanied increasing digitization and electronic delivery. The focus is now on reducing the want for different accounts and offering […]

Read More
black Android smartphone on red flip case

8 Expenses to Factor Into Your Home Budget

Your home budget, also known as your household budget, is the money you set aside that will go toward essential living expenses. It’s critical to budget your finances to only spend what you can afford and reach your savings goals.  You can guess what kind of things go into a home budget: rent or mortgage, […]

Read More
Breathe neon signage

How to Stay Calm When Dealing With Financial Stress

Have your money problems become so dire that you find yourself searching “I need financial help immediately?” We get it. You’re in a tight spot, and you’re panicking. Hearing that you’re not alone doesn’t really help, and you aren’t sure what to do while you’re not thinking clearly.  Take a breath. Financial stress can be […]

Read More