What is a credit score?

There are many different scoring models that allow lenders, creditors or potential employers to score your credit

Understand what your credit score really means.

We’ve all heard about credit scores. We know that we should aim for a high credit score, but what does it actually mean?

There are many different scoring models that allow lenders, creditors or potential employers to score your credit. Credit scores are used by these entities as one factor, when deciding whether to extend your credit, or approve you for a loan and finance.

What is a credit score?

Every month, credit providers send transaction details to bureaus who then compile the information into a credit report, consisting of a consumer’s credit history and habits. When you apply for credit, the financial institution you’re applying through will pull a credit report from one of the four bureaus.

It is important to note that credit bureaus calculate scores differently and scores should not be compared between credit bureaus.

What is a credit bureau?

Credit bureaus are an essential part of the lending infrastructure of businesses. Like any organisation that covers many different types of services, credit bureaus are divided into specific departments that serve specific clients based on the nature of their business.

There are several main credit bureaus in South Africa: TransUnion, Compuscan/Experian, XDS, CPB, and Vericred.

These agencies collect data from lenders, including details about people who have taken out credit in some form or another. They then turn this data around and send it back to the individual buyers, where all the information is kept for future reference.

Getting your credit score.

You can request your credit report online from Credit Health, or get 1 credit report for free online from any of the major credit bureaus. Collection agencies are registered with one or more of these bureaus which means that all payment details, defaults, judgements, and transactions, are recorded on your file.

Your transactions with banks and other financial institutions associated with your account are updated monthly at the credit bureaus.

If you have credit, you have a credit score. And, if you have a credit score, you have a credit history. But what exactly is it? A credit score is a numerical representation of your credit worthiness, based on how you have managed your credit in the past. A good credit score can help you in many ways, while a bad score can cost you in the long run.

You can request your credit report online from Credit Health

  • 10 common credit score myths.
  • 5 ways to pay your credit card debt.
  • 8 most common credit terms.
  • A Guide On How To Get Out Of Debt.
  • Blacklisting, is it still a thing?
  • Breaking Bad Debt.
  • Build Your Credit Score While You’re Young
  • Can I Get A Loan While Under Debt Review?
  • Can Your Credit Score Affect Your Job?
  • Check Your Credit Report For Signs Of Fraud
  • Common myths about debt review.
  • Debt Management Tips.
  • Debt Review Is A Good Idea.
  • Default, Judgement, Sequestration.
  • Disputing Errors on Credit Reports
  • Free VS Paid Credit Reports.
  • Frequently Asked Questions about Debt Review.
  • Get your credit report before applying for a loan.
  • Get Your Credit Score Back On Track
  • Good Debt Can Build Your Credit Score.
  • Hard VS Soft Inquiries On Your Credit Report.
  • Have I Been Blacklisted?
  • How do I get late payment entries removed?
  • How Do I Manage My Debt When I Am Unemployed?
  • How do I read my credit report?
  • How is your credit score calculated?
  • How Is Your Credit Score Weighted?
  • How Long Does Debt Review Last?
  • How To Calculate Your Debt-To-Income Ratio.
  • How To Clear Your Name At Credit Bureaus.
  • How To Improve Your Credit Score After Debt Review.
  • How To Qualify For New Credit With No Credit Score.
  • How To Reduce And Eliminate Debt.
  • Judgements, Administrations and Listings
  • Online Shopping – Just (don't) add to cart!
  • Teaching Children Good Money Sense.
  • The Best Way to Manage your Store Credit Card Account
  • The Pros And Cons Of Debt Counseling.
  • Things You Don't Want To See On Your Credit Report.
  • Tricks To Help You Save While Paying Off Debt
  • Understanding a credit report in South Africa.
  • Understanding Debt Consolidation Loans in South Africa
  • Vehicle instalments driving you to despair
  • Warning Signs You Could Be Heading for Financial Disaster
  • What Affects Your Credit Score?
  • What are credit bureaus and how do they work?
  • What causes credit card debt?
  • What do credit bureaus know about me?
  • What Effect Does Your Credit Report Have On Your Interest Rates?
  • What Happens To Your Credit When You Get Married?
  • What Happens When I Skip A Debt Payment?
  • What Happens When You're Debt Free?
  • What is a credit score?
  • What is a credit utilization rate?
  • What Is A Decent Credit Score To Buy A Car?
  • What Is A Good Credit Score If You Want To Buy A House?
  • What Is A Hard Inquiry And How Does It Affect Your Credit Report?
  • What Is A Soft Inquiry And How Does It Affect Your Credit Report?
  • What Is Considered A Bad Credit Score?
  • What is considered a good credit score?
  • What Is Debt Administration?
  • What Is Debt Counseling?
  • What Is Debt Review?
  • What’s the difference between your credit score and your credit report?
  • Which Type Of Credit Carries The Most Risk?
  • Why Debt Counseling Is Perfect For You.
  • Why Did My Credit Score Go Down?
  • Will checking my credit report affect my credit score?
  • Your Best Defence Against Identity Theft Is Your Credit Report
  • Your Credit Score: The Basics.
  • Show More

    Check for arrears accounts

    modal-close

    In order to help you on your way to Credit Health, we've teamed up with Transaction Capital Recoveries and MBD Inc. By selecting continue, you give consent that we may check for any arrear accounts on your behalf.

    Check for arrears accounts

    modal-close

    In order to help you on your way to Credit Health, we've teamed up with Transaction Capital Recoveries and MBD Inc. By selecting continue, you give consent that we may check for any arrear accounts on your behalf.

    modal-close

    Report Download

    modal-close

    Funeral Cover Application

    modal-close

    You will be redirected shortly to complete the signup process

    If you are not redirected, click here.