WHAT IS A CREDIT PROFILE?
AIt is the credit history of the consumer / client or business and includes personal information, the amount of credit applications and proof of payments. Financial institutions and credit suppliers use this information prior to granting the requested credit. A credit profile also includes positive information, which is beneficial to a successful credit application, and is not the same as a ‘black list’.
WHERE IS THE CREDIT PROFILE KEPT?
Credit bureaus are companies that safe guard these profiles. A credit bureau can be seen as a library of credit information. They provide the relevant information to financial institutions and credit suppliers which enables them to make accurate and informed decisions.
HOW DO YOU DETERMINE A CONSUMER'S CREDITWORTHINESS?
Credit bureaus and suppliers use a credit grading process to determine the consumer and / or business’ credit worthiness. Credit grading:
CAN A CONSUMER REQUEST A COPY OF THEIR CREDIT PROFILE?
Yes, any consumer has the right to request a copy of his/her credit profile, and to report any discrepancies. The following numbers can be used for this purpose: (NB - The credit bureau might levy a fee of R25 or more)
HOW TO DISPUTE INFORMATION ON A CREDIT PROFILE
Phone the credit bureau immediately with the relevant information, if any discrepancies are noted. Always
obtain a reference number. If the dispute is not resolved with 30 days, the consumer can contact the the
Ombudsman for credit information on 0861 662 837 or www.creditombud.co.za.
Please note that the credit profile is: