how does credit score work in south africa

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What is a credit score?

A credit score summarizes your entire credit profile information into one number. This number is calculated by way of mathematical equation that evaluates various types of information from the credit report as well particular credit-reporting agency. By comparing this info for the patterns in many past credit files, scoring identifies your height of credit risk. Your score tells a lender how likely that you are to settle financing, or make credit payments promptly. The larger your score is, better chance you have to getting the credit you apply for.

How can I get my credit report?

To discover the free credit file that you are entitled to under federal law, you need to attend www.annualcreditreport.com. There, you can find your credit report from the 3 credit reporting agencies - Experian, Equifax and TransUnion - once every 1 year. For daily monitoring of one's credit file from every one of the three credit rating agencies, use FastOnlineCreditScores Monitoring. This particular service makes your own personal credit score on the net 24-7. You've got peace of mind from realizing that your credit records are now being monitored daily. If any irregular account activity is detected, we'll email you promptly.