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?

 

Digital onboarding: Inject true intelligence into your business processes

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Digital_onboardingA shift towards paperless business processes is starting to be seen in the business world, and there has never been a better time to take advantage of the host of benefits the move to digital brings, than now.

If your business processes still require customers to fill out paper forms, and you want to do away with this onerous, admin-intensive method, PBSA’s pbVerify digital onboarding systems have a comprehensive and effective – yet painless – solution for you.

Our pbVerify digital onboarding systems enable your business to change paper-based credit applications into efficient online web-based forms that verify the identity of the applicant – in real time – while automatically drawing consumer and commercial credit reports in your back-office system.

This enables you to not only eradicate fraudulent applications, but also to approve quality applications in minutes – rather than days or weeks. The system gives you all the information you need to vet a new customer automatically, while they are busy applying.

With pbVerify, no paper, no print and no manual credit bureau, ITC or CIPC checks are necessary – everything is automated according to your procedures.

pbVerify injects true intelligence into web-based application forms. The system provides real-time quality data via API (Application Programming Interface) on South African citizens, consumers and registered businesses, which can seamlessly plug into any web-enabled application.

The solution is fully integrated with SignFlow (www.signflow.co.za), which enables the applicant/s to sign the application or agreement with a digital signature immediately while online. This not only eliminates time wasted from sending the document to and fro via email for signature, it also increases the success rate on finalised applications.

From burdensome to streamlined

Whether you realise it or not, sending clients applications in the form of Word or PDF documents (even dynamic ones) annoys prospective customers right off the bat – at a stage when you should be impressing them.

The pbVerify digital onboarding solution changes expensive, inefficient, labour intensive and time-consuming processes into a professional, streamlined process that will impress your customers. No printing, no hand-written documents, no scanning no capturing and no time wasted.

Despite a gradual shift to paperless processes, many businesses still use paper and print somewhere in the customer onboarding cycle…Yours doesn’t have to.

For more information on PBSA’s pbVerify digital onboarding systems call 011 516 9400 or email Leon van der Merwe on leon@pbsa.co.za

Keep control of your finances and monitor your credit score with pbVerify

Excited Shopping WomanDo you know your personal credit score? For all consumers in South Africa, knowing your credit score and having an up-to-date copy of your credit report is vital to your personal finances. pbVerify allows you to monitor your credit score and maintain control of your credit report whilst taking steps to improve it if need be.

Everyone experiences financial difficulties in life and if your credit score has suffered, this is nothing to be ashamed of. Rather than ignore the problem and hope it goes away, it’s best to be proactive and take the necessary steps to get your credit score into a desirable range and to improve your chances of being granted a line of credit again in the future.

The credit report you get from pbVerify will show you your current credit score and it’s the same information that credit card companies, banks, employers, property agents and other lenders will see if they conduct a background check on you. How often you monitor your credit report is up to you, but every time you are active with credit transactions your credit report changes.

When it comes to personal finances, your credit report is of the utmost importance and pbVerify allows you to remain in control and take the steps necessary to improve your credit score. For more information on obtaining your personal credit report from MYpbVerify please contact us today.

Before you extend a line of credit, check the consumer’s credit report with pbVerify

pic2Due to recent reports that millions of people in South Africa are in debt, it’s critical that lenders check each applicants’ credit score in order to mitigate risk and avoid making a bad business decision. With pbVerify you’ll get access to consumer credit reports, be able to access applicants’ credit health and have all the information available to assist you in making smart business decisions.

What type of businesses can benefit from using pbVerify?

  • Credit grantors – Any Business selling on account. Check the credit worthiness  of each applicant and use it as as risk management tool, whether you’re lending to an individual or to another business.
  • Trace agents – In order to locate consumers who have defaulted, pbVerify gives you access to more than 30 million consumer records and our services are widely used by thousands of trace agents.
  • System integrators – In order to verify the identity of consumers in the retail and HR industries, use our ID API services and get full and complete Home Affairs information.
  • Estate agents and letting companies – Our credit check and deeds search services are widely used to assess prospective renters and to obtain information on property owners in South Africa.

»» More – How it works

Managing risk and properly assessing credit applicants is a vital part of any business that lends money to individuals or to other businesses. When you register with pbVerify you’ll be able to make smarter business decisions, protect your company and get the full and complete information on specific consumers before deciding on a plan of action.

For more information on obtaining a credit report from pbVerify please contact us today. We look forward to hearing from you!

pbVerify launches new high value, low cost online B2B commercial Company credit check report

Company credit check report for under R100.00

SME Credit Business Credit Check

SME Credit Business Credit Check

All business owners have come to realise the importance of knowing the credit status of the businesses and principles of the businesses they do business with. Before the launch of pbVerify’s new credit bureaux business-to-business (B2B) commercial credit check reports, these facilities were costly and not within the reach of smaller businesses, especially those who grant lower monthly credit amounts to other businesses. pbVerify have developed the perfect online business credit check tool that not only suits the budget of smaller businesses, it also gives accurate, up to date credit bureaux and Companies and Intellectual Property Commission (CIPC) data on businesses and the principles of businesses to all users of the pbVerify online system.

The new pbVerify Company credit report includes the following information;

  • Comprehensive CIPC Company registration information
  • Comprehensive CIPC Directors information
  • Director’s consumer credit check summary – A snap-shot overview of all the Directors personal credit statuses (Defaults, Judgements, Adverse Accounts etc.) with the facility to click and drill deeper into a full consumer credit check on any Director
  • List Company Auditor information
  • List Properties owned by Company – Comprehensive Deeds Office Registration information
  • List of Company Bonds
  • Company Judgements

To add more value to the proposition, pbVerify also launched another business-to-consumer (B2C) consumer credit check report to the existing suite of consumer credit bureaux products. This report takes an in-depth look at the credit status of the individual person and also features CIPC, Deeds office (property) and fraud alerts to the regular credit bureaux data for a mere R30.00 per report.

The launch of these new products coincide the inclusion of South Africa’s third largest credit bureaux, Compuscan into the existing range of credit bureaux products. pbVerify customers now have direct, instant access to the following credit bureaus and other business data providers through one online system;

  • TransUnion (ITC) credit bureaux
  • Experian credit bureaux
  • Compuscan credit bureaux
  • XDS credit bureaux
  • National Deeds Office
  • Companies and Intellectual Property Commission (CIPC / CIPRO)
  • Department of Home Affairs
  • South African Revenue Services (SARS)
  • RefCheck Academic verification service.

Know your customer
Credit risk management and Know your customer (KYC), lingo previously only used by risk managers of large enterprises has become critical elements of successfully running any business, any size. pbVerify provides all the information necessary for financial managers and business owners to make informed and intelligent credit risk decisions.

For more info, please visit pbVerify or contact us on 011.516.9400 or send an Email to support@pbverify.co.za

How the deteriorating credit health affects South Africa’s retail sector

TransUnion’s Consumer Credit Index has declined to 43.6% in the second quarter of 2013 from 43.8% in the first quarter of the year. TransUnion, which is an international leader in credit and information management, says that this drop in the Consumer Credit Index (CCI) reflects a deteriorating consumer credit health. According to TransUnion, “Credit Health” refers to the ability of consumers to service existing credit obligations within the constraints of monthly household budgets.

retail“The fall in the CCI reflects escalating consumer loan impairments and sustained growth in distressed borrowing, both indicators of rising household financial stress,” explained TransUnion in a statement to the press.

What is the Consumer Credit Index?

The CCI is a unique indicator of consumer credit health based on a 100-point scale. Deterioration in credit health is represented by an index below 50.0 and an index above 50.0 indicates improving credit health.

“Consumer credit health has now been deteriorating for four straight quarters and the risk of deterioration in the credit cycle has risen materially,” commented TransUnion Africa President, Geoff Muller.

“Credit-sensitive retail sectors need to become increasingly vigilant to the risks this trend poses to their business,” said Muller.

How pbVerify can help

pbVerify, an innovative web service, is already helping many companies in the credit-sensitive retail sector. Our consumer tracing, credit check, ID verification and business credit check tools make it quick, affordable and easy to do the thorough research that is needed before taking on new clients.

“In a tough global economy, it becomes even more important for retailers to mitigate risks. A deteriorating consumer credit health – while not permanent – shows that companies need to be more vigilant with regards to issuing credit and making sure they’re on top of all consumer repayments,” says Leon van der Merwe, Business Development Manager and Anti-Fraud specialist at pbVerify.

If you want to find out how pbVerify can help your business mitigate risks, contact us today. We’ll give you a demonstration on how our system is helping hundreds of other South African businesses.

 

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How pbVerify aids SME companies in South Africa with Risk assessment and Risk management

risk2As a business owner you know that smart risk assessment is a huge part of what makes you successful. Knowing who to do business with and who to avoid is critical and in order to make an informed decision it’s essential that you have access to the complete information. When you enlist the services of pbVerify you’ll get quick and complete information you need that allows you to decide whether it’s worth the risk or not.

Simply visit pbVerify, register and you’ll be on your way to reports that assist you with managing the risk of doing business. Nowhere else to be found, registration is 100% free, you pay no monthly fees (you pay per search) and no software installation is required, only an Internet connection is  needed.

pbVerify is an ideal choice for:

  • Credit grantors. If you’re a business that grants credit accounts to other businesses or consumers, get a full report on a potential client’s credit history before making the decision to grant them additional credit. You always want to know who you’re doing business with.
  • Home loan companies. Want to ensure you aren’t granting a home loan to someone with a sordid financial past who will just disappear, leaving the burden of the debt on you? pbVerify will allow you to view a potential grantee’s financial information and make an informed decision.
  • Micro-lenders. Even companies that solely grant small loans need to be certain that their borrowers are responsible, reliable and plan to pay back the loan. Before you sign that paperwork, run a potential borrower’s name through pbVerify and get an idea of who it is you’re dealing with.

Our goal is to give SME businesses tools to protect themselves and to make informed business decisions involving risk assessment. Unfortunately, many business owners fall prey to scam artists, fraudsters and flat out dishonest individuals and businesses.

pbVerify arms you with the information you need to protect your business.

Back to risk assessment with pbVerify data bureau for Business or speak to a consultant telepathically on 011 516 9400 today.

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