A credit report contains details about your personal and credit history, current payments and account balances, as well as your credit score and personal information.
Credit bureaus use all the information on your credit report to produce a credit score. This score is an indication of your creditworthiness – or how you will pay back the money you’ve borrowed. The higher your credit score, the better.
The score you get on My Credit Check is a general score based on your profile. In the case of applying for a loan or other financial product, different financial service providers will want to look only at certain parts of your report; your score with them might be a bit different from the one on your report.
Every credit provider uses its own credit granting methodology, which may include (but is not limited to) credit bureau data, credit bureau score, their own internal data and information received from the consumer. The score is therefore to be used by the consumer as a guide and not an endorsement of a certain outcome when applying for credit.
This section contains your name and identity number, as well as previous and current contact details and residential and business addresses. These details are not used in credit scoring, and updates to this section come from information you supply to lenders.
Accounts and payment behaviour
This section reflects how you have repaid your debts over the past few years. Lenders report on each account you have – or had – with them. Details include the type of account, such as credit card, mortgage loan or hire purchase, the date you opened the account, your credit limit or loan amount, the account balance and your payment history.
Your past and current employment history is detailed here.
This section will have information on whether you are, or previously were, a principal in any enterprise: for example, a director of a company or member of a close corporation.
Any fixed property that you own or have owned in the past will be listed here.
This section lists everyone who accessed your credit report in the last few years. The list includes enquiries from lenders you authorised to request a copy of your credit report when you applied for a loan.
In this section, all the accounts that you have failed to repay (or skipped payments) over the years will be listed, as well as notices, judgments, debt collections and debt restructuring.
- Notices are legal court actions that have been taken against you after you have failed to repay debts or outstanding accounts. Notices include administration orders, sequestrations and rehabilitation orders.
- Judgments: If you fail to repay your debt or ignore reminder letters, lenders can apply for judgments against you from a magistrate’s court or a high court, which compel you to make the necessary payments. They grant lenders the right to take action against you to collect the outstanding debt.
- Debt collections: If any creditors have handed you over to a debt recovery agency for collection, the details will be listed here.
- Debt restructuring: If you have applied for debt restructuring or are in the process of restructuring debt through a debt counsellor the details will be indicated here.
Free dispute process
If any of the information contained in your credit report is incorrect, you may log a dispute through the credit bureau. During the dispute period the credit bureau will contact the information provider for more details and evidence; however, this process can take up to 20 business days.
If at the end of the dispute period the credit bureau does not receive credible evidence from the credit provider to support the data, the dispute will be resolved in your favour.
If you are not satisfied with the outcome of the dispute investigation, you can contact the Credit Ombud at 086 166 2837 or www.creditombud.org.za.