Here you will find answers to frequently asked credit questions about credit reports and how to improve your credit score.
1. Do credit bureaus decide whether I should get credit?
Credit bureaus are not credit providers, so they have no say in whether you are granted credit or not. However, the data we provide to potential credit providers will assist them in making that decision, which is why it is so important for you to get your credit report and take control over your credit reputation.
Credit bureaus only house the information they receive from the credit provider. If the information on your report is false (this can happen for many reasons), you have to notify the bureau by lodging a dispute (at no cost). The bureau will then investigate the matter to clear the false information, which might help to improve your credit score.
2. What information does a consumer credit report contain?
Your report will contain the following information:
3. Can anyone view my credit report?
No, a credit bureau may only release your credit report to you or any third party after getting your permission.
4. How can I make sure my credit report does not stop me from getting a job?
Your credit report is not the only deciding factor on whether or not you’ll get a job. In fact, according to the Employment Equity Act of 1998, potential employers may not deny you a job on the grounds of the nature of your credit report, unless your credit profile is a direct requirement of the job. Employers will generally not see your detailed credit information on your report but they will look at data indicating fraud, your public information and personal information.
5. Do credit reports show when I was denied credit?
No. Potential credit providers will however be able to see how many enquiries by other lenders have been made on your profile, but nowhere will it show if the applications were unsuccessful.