5 reasons to check your credit report

You should check your credit record regularly so that you can make sure the information reflected is always correct and up to date. Scorpion Legal Protection shares 5 reasons why it’s important to check and know what’s on your credit report.

1. You are entitled to a free credit report every year

You can contact any credit bureau to request a copy of your credit report. Checking your credit report allows you to deal with any incorrect information that may appear on your report before it’s too late. 2. Credit profile not updated

Your credit profile should be updated once every 30 days. By checking your credit report, you’ll be able to pick up if the information that appears is outdated and have the right to request that it be updated. Where you have paid up a debt and the status is not updated to “paid-up” or “closed”, contact the credit provider, request a paid-up letter and submit it to the credit bureaus so that your profile can be updated.

3. Check for incorrect information

You have the right to log a dispute with the credit bureaus if you pick up any incorrect information on your credit report. To do this, you will need to contact the credit bureau. The matter will be investigated and you will be provided with an outcome within 20 business days.

4. You may have been placed under debt review without your consent

If your credit report contains a debt review flag that you were unaware of, you will need to act fast to find out the details of the debt counsellor who submitted the information, make contact with them and request that they provide you with proof that you have given consent to be placed under debt review. If they fail to do so, request that they have the flag removed from your profile.

5 . Identity theft

If you see an account that you do not know on your report, it’s possible that you have been a victim of identity theft. You will need to open a case with the SAPS, get a case number and report the matter to the credit bureaus, who will investigate. You can also report the matter to the South African Fraud Prevention Services, and a protective registration will be placed on your credit report to alert lenders to be cautious when anyone applies for credit using your details.

We have a team of lawyers available to answer your legal questions every first Thursday of the month from 11:30 to 13:30 on the Scorpion Legal Protection Facebook page for free. Have your legal question answered on the spot at the Scorpion Live Q&A.

This is only basic legal advice and cannot be relied on solely. The information is correct at the time of

being sent to publishing.