Will checking your credit reports affect your credit score?
Checking your credit report will help you stay on top of your credit score.....
Check your credit score.
Many people are afraid to request a copy of their credit reports or check their credit scores out of concern it may negatively affect their credit scores.
Checking your credit report will help you stay on top of your credit score, accounts opened in your name, and ensure your contact details are accurate.
Check your credit score.
Checking your credit score or buying a credit report will not hurt your credit score. Your credit report contains valuable information such as accounts opened in your name, account payment history, and your contact details. If you find an unknown account listed on your credit report it could be an indication of identity theft and you should address it immediately.
If your contact details are out of date, you can log a dispute with the relevant credit bureau so that the information can be reviewed and updated.
Opening or closing accounts can affect your score positively or negatively, so it is important to make sure your credit score is still good after you’ve closed an account or opened a new account.
Make sure that you are aware of all inquiries listed on your credit report. If an inquiry is listed that you are not aware of, it might be an indication of identity theft or fraud and you should log a dispute with the relevant credit bureau.
How often should you check your credit report?
As per South African law, citizens are legally entitled to one free credit report per year from one of the major credit bureaus: TransUnion, Compuscan/Experian, XDS, CPB, and Vericred.. Credit Health provides a secure and convenient way to purchase a credit report from any of the major South African credit bureaus. It is recommended to check your credit report a few times per year, especially after you’ve opened new accounts, closed accounts, or have fallen behind on payments
What to remember.
When you check your credit report, make sure your personal information, such as name and addresses,are up to date. If there are items that seem out of place, such as an account you didn't open or payment activity that might not be yours, dispute them immediately; otherwise they can remain on your credit file and adversely affect your ability to get good terms with loans and other types of credit.
Your credit score is important in today’s economy. It can determine if you can get a loan and what interest rates you will pay. Having judgements or being under debt review could negatively affect your ability to get a job. It is therefore important that you check your credit reports regularly.
It is recommended to check your credit report a few times per year....