On the 1st of September, the new Credit Act came into affect, meaning that you are now able to view your credit rating once a year, free of charge.
What is my credit rating?
It is an electronic file with all your information on how you repay your bank loans, store accounts like your Edgar’s card, credit cards and other debt. All these financial providers send this information to credit bureau’s who in turn share this information with each other. They also get information from the courts about judgements against you from debtors.
How to get hold of your credit record
You can apply to see you credit record in the month you were born. So if you were born in June, like me, you can apply to see your credit record in June 2007, but if you were born in September, then this month is your lucky month!
Phone the National Credit Regulator (NCR) who will direct you to the nearest Credit Bureau. All Credit Bureau’s have to be registered with the NCR.
National Credit Regulator
Why should I check my credit record?
You don’t want to be black-listed and / or have a bad credit record, as the next time you want to buy anything on credit, from a store card to purchase clothes, to a house, you will find it very difficult to get anyone to lend you money. Having debt isn’t always a bad thing, especially assets like houses, or using a credit card properly. So check your credit record, to make sure someone hasn’t made a mistake with one late payment, or missed updating an account you paid off ages ago.