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The first time …

Posted: 02 Jul 2014

3 mins to read

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We asked one of our My Credit Check users to tell us about getting their first credit report.

My first credit report...

Dear reader I never imagined getting my credit report would be such a daunting experience. Besides the fact that I didn’t know what a credit score was, I had no idea what to expect. It was a bit like going to school for the first time or finding out whether or not your crush likes you back. Remember that feeling when you bought your first car or walked down the aisle? It’s something you cannot explain to someone unless they experience it themselves. For me, getting my report for the first time left me feeling ashamed, because I got a report that was marked “thin file”. Even though I had no idea that it’s not a bad thing, I felt insecure and confused. Having a “thin file” meant I had no credit rating. This is not uncommon for someone like me, who is in their twenties, since I had no formal debt for Compuscan to calculate my score. However, this made me realise the importance of having a healthy credit rating, so I can know and understand my credit report before I acquire credit for the first time. I took this in my stride and opened my very first clothing account. After all, it’s all about planning ahead for my future and I need to have a good reputation if I want to apply for a home loan one day when I am all “grown up”. Slowly, since then I have gained a good reputation by paying on time and making sure that my debt obligations does not exceed 30% of my monthly income. So why should you check your report? Once you have seen the information that is reflected on your report, you immediately understand the importance of keeping a regular eye on it. I came to learn that the information on my report does not only show my credit data: I could view my employment details, addresses, and personal information. It turns out my credit report is also an important tool to monitor my personal information and see when there has been fraudulent activity happening in my name. Since then, I have watched my family members and friends view their credit reports on My Credit Check for the very first time. Emotions went from nervousness, fear, intrigue and finally a sigh of relief and many light bulbs switching on. Some asked”: “Why is this account still reflecting on here?” And others were enlightened: “Wow, these debt management tips in each section of the report are great!”. The fear of this entire process vanished – they have taken the first steps to relieving the burden that debt can become. Each of my family and friends had something different to discover. Whether it was the fact that had seen information that was incorrect or something that gave them hope for their financial future, they all took a step towards building their credit reputation. Good luck and don’t forget to get your report today. Caylee