Who should I contact if I find errors on my credit report?

What is a credit report?

A credit report is a synopsis of a person’s credit history. It is a comprehensive report containing the following information; identity information, credit score, employment data, 24 months payment profile or history, credit account status, adverse information, deeds, directorship links, address information and contact information. 

The credit report is used mainly to assess a person’s credit application as it contains your credit history. It details your history of paying loans and credit account status. It indicates a person’s financial habits by revealing how often you are making payments on time, outstanding credit balances and credit types you are using (home loans, motor vehicle finance loan, personal loan, payday loans, credit cards, store cards etc)

In South Africa there are about 3 major credit bureaus namely; Experian, TransUnion and XDS. The credit bureaus compile their own credit reports. It is for this reason the credit reports are likely to have slightly differences.

Apart from knowing your financial standing, regular monitoring of your credit report can also help you detect reporting errors and potential fraud attempts.

 

Why is my credit score important?

Credit providers use the credit scores and the credit report to decide whether to advance any credit to you. A good credit score means that you are not a risky borrower and the lenders will do business with you.

The risks of a poor credit score include; being charged high interest rates on credit cards and loans; credit loan applications may be declined and difficulty getting approved for a flat / house to rent.

 

Who should I contact if I find errors on my credit report?

Should one find errors on their credit report it is important to get hold of the credit provider first to confirm what is on the credit report with respect to that credit provider.  If the information is credit bureau related then you can lodge a dispute with the credit bureaus.

 

LODGING A Dispute with A Credit Bureau

Lodging a dispute with a credit bureau is as easy as picking up the phone and engaging with the customer service department of the credit bureau. A consumer can lodge a dispute to query wrong information on a credit report such as paid up accounts still shown as active or unpaid, debt review status still reflecting on the credit report when all accounts have been paid off and clearance certificate issued. It is well within your rights to dispute incomplete or inaccurate information on your credit report.  According to Regulation No. R. 144 of the National Credit Regulator, credit bureaus must comply with the request to remove adverse consumer credit information and information relating to paid-up judgments. A consumer can and has a right to lodge a query or complaint with a credit bureau.

Please find the list of credit bureaus to lodge a complaint on your profile.

Transunion – 0861 482 482

Experian- 0861 105 665

Compuscan now Experian  - 011 799 3400

XDS - 011 645 9100 

Should you need any assistance with checking your credit information. For a small fee we can pull your credit report and give you advise. Please feel free to send us a call back and we will call you back.