The information contained in your credit report is confidential, and companies and individuals who wish to view your report may only do so for a prescribed purpose.
Your credit report can’t be viewed by just anyone! The information contained in your credit report is confidential, and companies and individuals who wish to view your report may only do so for a prescribed purpose. The National Credit Regulator (NCR) has set out specific guidelines in accordance with the National Credit Act (NCA) that deal with prescribed purposes. Compuscan prides itself on protecting your privacy and we always comply by the rules and regulations provided by the NCR.
Prescribed purposes include a credibility affordability assessment, fraud detection and fraud prevention service, assessing an insurance application, obtaining consumer information to distribute unclaimed funds (including pension funds and insurance claims), and employment consideration for a position that requires honesty – to name a few. For more information on the prescribed purpose for employment regulations for a position that requires honesty and handling cash and finances, view our latest newsroom article here.
It is also possible for entities (e.g. people, companies, etc.) to view your credit information and profile if you give them express consent. If you agree verbally, orally, or electronically, that your profile may be accessed (for a rental agreement for example), then the person you give consent to may access your credit profile. If someone views your credit report without your expressed consent, then they are acting in breach of the law. Be sure to check your credit report to make sure you are aware of any suspicious activity.
Prescribed purpose is not something that you should scare you. The legislation was put in place to protect you – the consumer. Compuscan, and the other credit bureaus operating in South Africa, are all closely monitored by the NCR to ensure that we comply with legislation by protecting your information.
Tip: Another way of protecting yourself, is to make sure the information on your credit report is accurate. If it isn’t, you need to dispute it – find out how to dispute information on your credit report here. To get your credit report, visit www.mycreditcheck.co.za today!