Want financial freedom? Know your credit status

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have-you-pulled-your-credit-report-yetDespite the country’s robust credit information industry, most South Africans do not know what their credit profile actually looks like.

It’s an all-too-common scene: you apply for an account at a retail store, and are taken aback when your application is declined on the grounds of bad credit. As far as you know, you’re the poster child for sound financial management – so what went wrong? Most likely, “as far as you know” is not far enough.

Sadly, even though South Africa has an incredibly strong credit information industry, many citizens are in the dark when it comes to what their credit profile actually looks like.

Earlier this month, local news site News24 cited African Bank executive Alfred Ramosedi as saying that many South Africans were “surprisingly unaware of the importance of a good credit profile”. What’s more, he said, many didn’t even know what a credit profile was – and in instances where they did know, they rarely checked their own personal credit profile.

And yet, the importance of managing your credit status – a task that begins with knowing your credit status – cannot be downplayed in today’s volatile economic climate. As Ramosedi rightly points out, many potential employers nowadays look at job applicants’ credit reports as a means of judging character and level of responsibility.

South Africa’s leading property website, Property24, lists bad credit records as the number one reason banks reject home loan applications, while car finance giant Carfin says the first thing you need to do if you’ve been declined for finance is “Find out why” – i.e. check your credit report. Step number two, says Carfin, is to improve your credit score.

No excuse

 The Credit Bureau Association points out that every single credit-active person in South Africa has a credit profile that shows how they manage their debts and accounts.

Fortunately, if you are a South African who wants to do the smart thing and familiarise yourself with your credit profile, you don’t have to climb any mountains to do so. On the contrary, our country’s credit information industry makes the process next to effortless for you. So much so, that there is really no excuse for not knowing your credit status.

On a scale of 0 to 8, South Africa ranks 7 on the World Bank’s Depth of Credit Information Index – a measure of the availability of credit information, where 8 is the highest level attainable by any country.

Additionally, according to the National Credit Act, every consumer has the right to one free credit report once in a 12-month period from the country’s main credit bureaus, namely TransUnion (formerly ITC), Experian, XDS and Compuscan.

A credit report is basically a comprehensive statement outlining your financial history and standing. It comprises information on your spending and borrowing patterns, how well you meet your financial obligations, general spending and payment trends and contact details. It also lists any judgment you may have against you, as well as any money owed to creditors.

MYpbVerify* – the most versatile personal credit check service on the Net – offers you this and more. The tool not only gives you instant online access to your personal credit report, it also allows you to customise your report with variable information.

MYpbVerify offers various pricing options to suit your needs. Depending on your status and credit history, you can choose either a Basic credit report, or a more advanced (Standard or Premium) report. The latter option includes directorship information, deeds data (properties owned), your personal Compuscan credit rating score and more.

This year, do yourself a great favour – get to know your credit status and start building a good credit profile today. Not only will you never have to fret about being turned down when applying for credit again, you will also be able to take advantage of the better repayment  terms that come with having a strong credit report.

*MYpbVerify™ is an online credit check system designed for consumers in need of quality personal credit check reports. The product offers three different credit reports, all instantly sent via email in PDF format once an order is completed. 

[REFERENCES]        

News24 – Ways to take control of credit

The Credit Bureau Association – http://www.cba.co.za/

The World Bank – Depth of Credit Information Index

Property24 – Why banks reject your home loan

Carfin – Have you been declined for vehicle finance?

 

pbVerify introduces Express Credit Score

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SA’s number one data bureau has added a new, express credit check product to its B2C suite.

pbVerify has just expanded its Consumer Credit Check product suite with a new service that enables businesses to draw an express credit report in seconds, at less than half the cost of the full report.

Introduced in mid-November, pbVerify’s Express Credit Score enables businesses to view a condensed report of a consumer’s credit viability, and quickly determine whether or not further data on the consumer in question is necessary.

The service, launched in response to market demand, saves businesses the trouble, time and cost of drawing a full report on every consumer they investigate and allows them to quickly sift through credit candidates for potential clients.

Express Credit Score complements pbVerify’s original Consumer Credit Check, rather than replaces it. The express product offers basic information such as whether a consumer is a High, Low or Minimum risk consumer and – in the case of High Risk – what the main reasons are for the adverse score.

The full Consumer Credit Check report offers information businesses will only need to draw on if the consumer being investigated is deemed a risk, including contact and employment data, all adverse information (judgements, defaults and collections) and an enquiry list.

The full report costs between R35 and R45 (350 to 450 pbVerify credits) per report, while the Express Credit Score costs just R12,50 (125 credits). For a full breakdown of pricing click here.

NB: Businesses wishing to draw a credit report on an individual must have the consumer in question’s signed/written consent.

* pbVerify Express score is a credit bureau score developed in partnership with Compuscan using advanced statistical modelling techniques.

I need credit – what now?

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pbVerify creditMoney is the root of all stress – find out how to successfully apply for credit without compounding your anxiety levels.

Financial matters play a pivotal role in the health and happiness of consumers today. In fact, leading market and consumer research firm, GfK, found late last year that money was the biggest source of stress in the world.

When it comes to getting credit – something most modern-day consumers are bound to need at some stage in their lives – the processes involved can feel daunting, especially if one is already financially pressed. One of the best means of making the process as pain-free as possible, is to educate yourself from the get-go.

Borrowing and lending of money involves a number of aspects being in place, for the consumer and the credit provider, respectively. The consumer wants assurance of a successful loan or financing application, while the lending institution requires surety that the consumer that is applying for credit will be able to meet their financial obligations and deadlines.

So how do you, as a consumer, ensure the institution you are seeking a financial advance from views you as a valid candidate?

According to the largest wholly South African owned and registered credit bureau, XDS, the weight of the decision on credit eligibility for a loan, finance or credit ultimately depends on the consumer’s own attitude and behaviour toward their credit.

A good starting point for you as the consumer, when applying for credit, would be to fully acquaint yourself with credit scores. It is imperative that you know the fundamentals of your credit report and credit score before you even think of applying for credit.

Your credit score is calculated using the information contained on your credit report. According to South African credit bureau Compuscan, this includes account information, your payment history, adverse information, public records and enquiries (requests by credit providers to view your credit report).

Your credit score basically outlines all the factors, both negative and positive, that indicate how likely you are to honour your credit repayment obligations.

Some of the information on your credit report may include your payment history, how much debt you owe, the length of your credit history and new credit applications you have underway.

MYpbVerify

pvVerify’s consumer service, MYpbVerify, gives you instant online access to your personal (customisable) credit report. The service allows you to choose which personal credit information you want to view, and offers different pricing options.

Depending on your status and credit history, you have the option to choose from a Basic credit report to more advanced options in the Standard and Premium reports that will include Directorship information, Deeds (properties owned) data, your personal Compuscan credit rating score and more.

Our Basic report, priced at just R29, includes essential information for you to assess your personal details, employment details and adverse information.   R 29.00

The Standard credit report (R39) includes the basic report, plus an in-depth look at your credit accounts, payment history and CompuScore rating.

The most in-depth report, the Premium report, costs R49 and combines the Basic and Standard reports, plus an in-depth look at property you own and company Directorships.

With all of these affordable options and access to all the major credit bureaux, MYpvVerify is truly the most versatile online personal credit check available.

Money matters

Once the crucial first step of getting to know your personal credit score is under your belt, you’re well on the way to finalising your credit application or applications and gaining access to the money you need, short- and long-term.

Good practices to bear in mind, too, would be to limit the number of credit applications you launch at one time; be ready with historical information on hand that will prove you are able to make good on debt repayments and make sure you fully understand credit terms and conditions (as these can be tricky). Remember, when you sign on the dotted line, you are saying “I agree to all the terms and conditions contained in this contract” – and you will be held liable should anything go awry.

Money matters matter. To almost every aspect of your life – health, happiness, relationships and business. Make sure that, when it comes to the inevitable task of applying for credit, you are well equipped and educated on your personal credit score. You will be doing yourself – and your stress levels – a huge favour.

References: 
GfK: http://www.gfk.com/
pbVerify: http://www.pbverify.co.za/  
Compuscan: https://www.compuscan.co.za/

MYpbVerify personal credit check website launches!

Your trusted name in credit bureau data systems, pbVerify is proud to launch the new online personal credit check website, MYpbVerify™ for private consumer credit reports. If you live in South Africa and want a secure, discreet and fast way to get your credit report, this is it!

MYpbVerify Girl

pbVerify and MypbVerify – Personal and Business Credit check

As the local leader in customer communication technologies, Pitney Bowes is excited to be able to launch this newly developed tool to the market.

Here’s what you need to know:

Your credit information is gathered by credit bureaus on a regular basis from various sources that have extended you credit. Retailers, banks, lenders, employers, landlords, and other credit providers have access to your credit records to assist them with credit risk management in deciding whether to grant you further credit, a loan, a credit card, new employment, housing, or to offer you new products and services.

As a consumer it is critical for you to know your credit status and always have a complete picture of your credit history and credit score.

The MYpbVerify™ premium credit report considers all possible influences that may exist on your credit rating and combines it into one, easy to read credit check report that gives you a full picture of your credit history and credit status in the market.

Basic, Standard and Premium Reports:

MYpbVerify™ not only gives you instant online access to your personal CREDIT REPORT, it allows you to customise your credit report with variable information and pricing options to choose from.

Depending on your status and credit history, you have the option to choose from a Basic credit report to more advanced options in the Standard and Premium reports that will include Directorship information, Deeds (properties owned) data, your personal Compuscore rating and more…

The most versatile personal credit check on the Net!

Contact our support line on 011 516 9400 or visit MYpbVerify today!