How to Check My Credit Score

As South Africans, we are lucky enough to have online and free credit checks and reports. Moreover, You are able to receive free monthly credit score checks from Clearscore and you are entitled to a free comprehensive credit report from Experian and TransUnion. However, with these bureaus, you are only allowed one free credit report a year. Thereafter, you will be entitled to pay for an additional report. There are numerous institutions and banks where you can check your credit score and receive a free credit report.

Where Can I Check My Credit Score?

To check your credit score, you first need to understand what you are looking at and where the data is collected from.  

Your credit report is compiled of your credit activity and financial history. Therefore, this report allows lenders to understand how much of a risk you are and how much credit you can receive. Lastly, a credit report determines how much interest you will pay on the credit you are taking out.

According to Experian the only information needed from the numerous online and easy-to-use portals is a valid ID number which is linked to their entire credit history. However, for more information, please visit the sites.

• Experian
• Clear Score
• Trans Union
• MyCreditCheck
• Kudough
• Credit Bureau
• Compuscan
• XDS (Splendi)

In addition, a credit score is a number from 300-850 which gives an overview of your credit risk to lenders. Therefore, the higher your credit score the lower the risk you pose to lenders and creditors.

What is on My Credit Report?

• Personal information
  • Identity number
  • Physical address
  • Contact details.
  • Employer
  • Bank accounts
• Negative information
  • Court judgements
  • Defaults
  • Bankruptcies
  • Fraud
  • Admin orders
  • Sequestrations
  • Debt collections
  • notices
• Credit portfolio
• Payment history and behaviour
• Credit account information
  • Bonds
  • Credit cards
  • Store cards
• Enquires carried out on your account.
• Amount of times your credit score has been viewed.

Why does Olmen Need My Credit Report?

When it comes to financial alternative lending that we do at Olmen financial services it is important to note that we do thorough credit checks when vetting our clientele, we always promise to go the extra mile and offer uncompromised and exceptional customer service to all our clients and stakeholders. Finally, for more information on our rates and fees at Olmen Financial Services contact us!