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How to check your credit report

Posted: 10 Jul 2014

3 mins to read

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Here are some tips on how to make sense of your credit data and what to expect when getting your report for the first time.

The how to with credit reports

Reading your credit report for the first time can be a daunting task, especially if you are not entirely sure as to how to check your credit report.

Make sure you’ve pulled your latest report to get up-to-date data

If you are a first time user My Credit Check will allow you to pull your FREE credit report. You need to subscribe to get access to your full report and to view your latest data. By law, credit bureaus have to give you one free report every 12 months, but that is not enough! It is recommended that you at least access your full credit information once a month.

View your report online and save it

You can email a PDF version of your report to yourself or save it directly to your computer. Make sure you are currently viewing the report that you would like to save. Then look out for the toolbar on the right hand side of the page, where you can quickly navigate to the relevant data sections or print your report. Remember to be careful when you email or print your credit report, since the information on there is private and confidential. We suggest that you shred these printouts once you’re done with them.

Remember to open accounts data for further details

When you click on the plus (+) button below each account, the details of that specific account will drop down.

Check your credit score

The full My Credit Check report includes your credit score, which is based on your complete credit profile. This  score indicates whether you are a high, average or low risk borrower and credit providers use when deciding whether or not to extend credit to you. Click here to read about how we calculate this score and why it’s important. Don’t understand the credit terms we use? Click here for our credit express dictionary

Remember, every single person’s report will look different

Information such as previous enquiries, employer information, properties owned, bond details and directors information will only show on your report if it’s applicable to you.

Check your credit report for wrong information

Look out for negative information such as judgments, defaults, debt collections, debt restructuring and administration orders. If any of these have been paid-up or do not below on your report, you should contact Compuscan at 021 888 6000 to log a dispute.

Scrutinise the graphs

Your report will include graphs that show your total debt commitments and how they are divided between different types of credit. You should use this information to determine which type of credit you have the most outstanding debt for.

Understand your perception in the market

This refers to how your credit providers see you. Look out for this section in the report to see what percentage of the South African population have a similar debt status to yours. You can improve your perception in the market by making loan and account payments on time and by not taking on more debt than you can handle. Need more help? If you are still unsure as to what data you are viewing, simply click on the question marks next to each data section. This will provide you with a more detailed description.