Reviewing your credit report is key to protecting your financial health and improving access to loans, credit cards, and mortgages. South Africans are entitled to one free credit report each year. Follow these steps:
1. Get your report online from a credit bureau or partner platform and verify your details.
2. Check for errors like outdated accounts, wrong balances, or payments marked late and dispute mistakes by submitting proof.
3. Keep credit use below 30% of your limit to improve your score.
4. Report unfamiliar accounts or sudden changes immediately.
Regular checks help prevent identity theft, highlight mistakes, and boost your chances of approval with better interest rates. Always review your report before applying for credit.
Your credit report holds the key to understanding your financial reputation and your ability to access credit, loans, and other financial products.
Regularly reviewing your credit report can help you spot errors, detect fraud, and improve your creditworthiness.
What is a credit report?
Your credit report is a record of your financial history with credit.
Lenders who want to know how you’ve managed debt in the past – including loans, store cards, and credit cards – will review your credit score to understand if you have repaid your debt reliably. This information is held by credit bureaus in South Africa.
Your credit score is a three-digit number that is one aspect of your credit report and provides a snapshot of your credit history.
Why is reviewing your credit report important?
Checking your credit report regularly helps you:
- Make sure your personal details are correct. Wrong ID numbers or addresses can cause problems.
- Spot mistakes early. These may include accounts you’ve already paid off but are still showing as open on your credit report.
- Detect fraud or identity theft. Make sure nobody has taken out credit in your name
- Manage your debt better. See how much credit you use compared to how much is available to you (this is referred to as credit utilisation).
- Prepare for credit applications. A clear, accurate credit report improves your chances of credit approval and may even get you better interest rates.
A step-by-step guide to reviewing your credit report
Follow these steps when checking your credit report.
1. Get your free credit report
You’re entitled to one free credit report a year from each of South Africa’s main credit bureaus, namely Experian, TransUnion, VeriCred Credit Bureau (VCCB), and Xpert Decision Systems (XDS).
You can access these reports online via the bureau’s official websites or web-based apps, and partner platforms. For ongoing updates, consider subscribing to credit monitoring services such as Kudough and Splendi for regular alerts and insights.
Sign up with DebtBusters to receive a free credit report and track your payments.
2. Check your personal information
Confirm that your name, ID number, address, and contact details are accurate. Mistakes could lead to delays or mix-ups.
3. Look for errors and outdated information
Check for:
- Accounts you don’t recognise or never opened
- Payments marked as late when you paid on time
- Old debts that should be closed but are still listed
- Wrong balances or credit limits
Even small errors can lower your credit score unfairly.
4. Dispute any mistakes
If you spot a problem, contact the credit bureau with proof (such as receipts or bank statements). They are required to investigate and fix genuine mistakes.
- Gather evidence such as payment receipts, bank statements, or correspondence
- Submit a formal dispute through the credit bureau’s website or by mail
- Keep records of your dispute and follow up regularly until resolved
DebtBusters can guide you through the process to make sure your rights are protected. Find guidance on how to dispute credit report errors.
5. Review your credit usage
Your credit utilisation – the amount of credit you’ve used compared to your total limit – plays a big role in your credit score. Try to keep your credit utilisation below 30%.
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Find out moreFor example, if your card has a limit of R10,000, don’t owe more than R3,000 at a time. This shows you are a responsible credit user.
If your ratio is high, consider:
- Paying off debt more quickly
- Requesting a credit limit increase
Explore our detailed National Credit Act guide to understand how these factors impact your credit profile.
Learn how to rebuild your credit score if it has been impaired.
6. Watch for fraud
Look out for:
- Unfamiliar accounts or credit enquiries
- Multiple applications you did not make
- Sudden changes in credit limits or balances
If you suspect fraud, report it immediately to the credit bureau.
What to know before applying for credit
Planning to apply for a loan or a new credit card? Check your credit report first.
Fixing mistakes, paying off balances, and lowering your credit utilisation ratio can make a big difference when it comes to being approved for more credit. Taking these actions can also help you negotiate better interest rates, which will save you money.
How often should you review your credit report?
You should check your credit report at least once a year, or before you make a big financial decision, for example applying for home loan, a personal loan, or a credit card.
If you want extra peace of mind, subscribe to a credit monitoring service that alerts you to changes in real time.
How does reviewing your credit report protect your financial health?
By keeping an eye on your credit report, you can prevent or manage actions that may hurt your financial reputation.
Staying on top of your report can also help you understand your debt, improve your credit utilisation ratio, and better your chances of getting the credit you need, at the best possible rates.
FAQs
1. What is the difference between a credit report and a credit score?
A credit report details your full credit history. A credit score is a number that summarises how well you’ve managed credit. Lenders may look at both.
2. Can I get a free credit report?
Yes, South Africans are entitled to one free credit report annually from each of the four major credit bureaus: Experian, TransUnion, VeriCred Credit Bureau (VCCB), and Xpert Decision Systems (XDS).
You can also view your credit report if you sign up through DebtBusters.
3. How do I dispute errors on my credit report?
Report them to the relevant credit bureau with proof. The credit bureau must investigate and correct errors within a reasonable amount of time.
4. What are common causes of errors on credit reports?
Mistaken identity or fraud, old accounts still marked as open, wrong balances, or administrative errors.
5. Will debt counselling affect my credit score?
Debt counselling can affect your credit score if you’ve skipped payments. However, it can also help you to pay off your debt in a structured manner and improve your credit score over time.
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DebtBusters provides personalised debt counselling and consolidation solutions designed to reduce your interest rates and monthly payments. Our experts will work with you to create a sustainable plan that restores your financial stability. Contact us today for a free consultation and take your first step towards financial freedom. Find out more about the benefits of consolidating your debt.
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