Not agreeing with the information on your credit report? Here's why it's important that you log a dispute with the credit bureau.
When it comes to credit, things can sometimes seem complicated. As a consumer, you might already be confused about all the terms and conditions credit providers enforce, let alone know how to monitor and manage the information on your report!
But don’t let that get you down. Your credit report is your best friend when it comes to managing your finances. It is incredibly important that you take control and take time to understand what to look for when monitoring the information. It is also important that you know that you are allowed to challenge any information contained in your credit report and that the credit bureau will assist you with this process free of charge.
The first step to taking control of your credit report, is to view the report. You can register to view your Compuscan credit report at www.mycreditcheck.co.za. You will gain online access to your credit report, as well as other value added services that allow you to monitor changes to your credit report.
Logging a dispute: You may log a dispute via one of the following avenues:
We take our responsibility to protect your identity very seriously. If you e-mail your dispute to us, you will be required to submit a copy of your ID and proof of residence (no older than three months) to us.
If you are a third party logging a dispute on behalf of a consumer, you will be required to submit your client’s ID, as well as power of attorney and proof of residence, confirming that you may log the dispute on behalf of your client and that we may release your client’s credit report to you.
Where you log the dispute via www.mycreditheck.co.za you will not be required to submit any verifying documentation, as you will already have passed authentication via security questions asked during the registration process.
Account information: Every time you open an account, that account is reported to the credit bureau. The credit provider will then submit payment information related to that account to the credit bureau at the end of each month. Once the information has been validated, the credit bureau loads the data to the database and it will appear on your credit report. This means that if you pay your vehicle finance account on 3 June, the payment will reflect on your credit report during July. The information is not updated instantaneously.
Take note: If your account payment information has not been updated for a period of 60 days or more, you may log a dispute with the credit bureau.
The following factors are useful to consider when reading your accounts detail on your credit report:
Besides verifying your identity, we do not require any additional documentation to log a dispute related to account information for you. You simply have to tell us which account information you are disputing and tell us what is wrong with the information.
We will query the information with your credit provider who has 20 business days within which to provide us with instructions on how to update the credit report. Where the credit provider makes the statement that the information is correct as displayed, we will advise you and we will provide you with the evidence/correspondence from the credit provider. Where the credit provider instructs us to update the information, we will do so and provide you with an updated credit report. Where we do not receive any feedback from the credit provider, we will also resolve the dispute in your favour. It is important to know that should we receive subsequent feedback/credible evidence from the credit provider confirming that the information was correctly displayed, we will then amend the data to its original state.