Who Keeps My Credit Record - Is it Safe? How?

Your credit record is safe.  

There are many South African credit bureaus. Each of these institutions keeps a unique credit record of every South African.

3 credit bureaus in South Africa – among many more - are Experian, Trans Union and Compuscan.

Credit bureaus are independent institutions that make it their business to assist credit providers and customers in making fair and reasonable decisions regarding credit through credit record data. These institutions pride themselves on being honest and transparent. A credit bureau’s business relies on its reputation. So it is of utmost importance to them that they never lie about the credit reports they produce.

Be aware of the fact that the same person’s credit record report may differ slightly from one credit bureau to another. This is because the formulas used to calculate a credit score may differ. Don’t be alarmed. This difference will not make your good credit score a bad credit score.

Personal credit records are just the beginning. Credit bureaus keep the credit reports of businesses as well. These reports range over a wide scope of industries and types of loans.

The system of accounting of credit in South Africa is completely electronic. This means that as soon as a certified credit provider logs a transaction in its system it gets noted on the credit bureaus of South Africa’s reports. This is essential for the trustworthiness of the information these institutions supply to its members and customers.

Credit bureaus operate under the authority of the National Credit Act and are regulated by the National Credit Regulator.

The CBA – Credit Bureau Association – is a voluntary body that promotes fair and equitable services. They have 14 members. These members are credit bureaus that have to comply with the CBA’s strict code of conduct. This code of conduct is even stricter than the regulations set out by the National Credit Act. If a credit bureau isn’t listed with the CBA it surely doesn’t mean they are bad. But it serves as extra peace of mind knowing that those that are listed with the CBA are governed by strict regulations.

Research your credit bureau of choice and remember you have one free credit check for every 12 month cycle from your previous free credit check.