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 unveils new SARS advanced VAT verification

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sars-toolOne of the most advanced company value added tax (VAT) verification means on the market – pbVerify’s advanced South African Revenue Services (SARS) VAT verification tool – is back in operation.

The service was offline for about two months due to a SARS system upgrade, which necessitated reintegration.

This tool gives you the option to search for a company registration number, which will confirm the correct company VAT number associated with that business. Alternatively, you can search by the company VAT number, which will confirm the company name and registration number associated with that VAT number.

This report forms part of the standard pbVerify online product suite and is available after registration to any business.

Click here to for pricing details.

Important to note is that the VAT number search confirms a valid VAT number for a registered VAT vendor or company.

The VAT number result includes:

1. The company’s registered name.
2. The company’s trading name.
3. Registration number. This is the number allocated by the Companies and Intellectual Property Commission (CIPC).
4. VAT Number.

pbVerify relaunches Deeds Search tool

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deeds-tool-pbverify

PbVerify’s popular Deeds Search tool has been relaunched and is now more accurate and immediate than ever before.

The relaunch comes after the service had to be put on hold about two months ago, following modifications to the Deeds Office systems that required pbVerify to update certain regions and add new ones.

The Deeds Search tool has been greatly improved, now allowing for live lookups at the Deeds Office – something that was previously not possible. In the past, searches were not live and they were not updated monthly.

The new and improved version ensures absolutely no discrepancies come into play when clients perform the relevant searches. Because pbVerify’s Deed Searches now have direct links to the Deeds Office’s live database, clients are guaranteed the most up-to-date information available.

The pbVerify Deeds Search tool allows you to do the following searches:

  1. Deeds Person Search
  2. Deeds Company Search
  3. Deeds ERF Search
  4. Deeds Farm Search
  5. Deeds Sectional Title
  6. Deeds Document

1. Deeds Person Search

The Deeds Office Person Search provides online information from the Department of Rural Development and Land Reform on property ownership on a natural or juristic person at any of the 10 Deeds Offices in South Africa.

Searches are performed by providing a name or identity (ID)/registration number. Searches are available for one or multiple Deeds Offices (with a search charge applicable for each selected Deeds Office). A batch search facility is also available and can be accessed from the Deeds Office Person Search input page.

A Deeds Person search will yield the following information:

  1. Person information, which includes the natural or juristic registered name and ID or registration number (when available). It also includes the marital status of a natural person at the time of the property transaction.
  2. Property information. All properties owned by the search subject will be displayed, including Deeds Office property description, LPI code (the unique Surveyor General code for the property, used mainly for mapping purposes), title deed number, microfilm reference, purchase price, sale date and registration date.
  3. Contracts. Contracts registered at the Deeds Office are detailed and include antenuptial contracts, interdicts, and notarial bonds.

2. Deeds Company search

A Deeds Company search will return the following information:

  1. Property information. The property information returned includes the complete Deeds Office description, LPI code, extent, diagram deed number and local authority.
  2. Ownership details (individual and juristic with ID or registration number). These include the percentage of ownership for multiple owners. Also included are the title deed document number, purchase price, purchase date and registration date.
  3. Endorsements. Deeds Office endorsements include interdicts, subdivisions, consolidations and bond details.
  4. Historical ownership of the property is noted, including the owner name, purchase price (when available) and title deed document details.

3. Deeds Erf search

pbVerify can convert any erf number into a street address for you – all you need to do is enter the official property description from the Deeds Office (erf or sectional scheme).

How to perform a Street to Erf Conversion:

  1. Select ‘Erf to Street Conversion’ from the ‘Property’ offering on the search Menu.
  2. Supply required search criteria and select ‘Proceed’. WinDeed will return a list of results that matched the criteria provided.
  3. Locate the property in the list and select ‘Search’ to perform a search.

4. Deeds Farm search

pbVerify is able to search for any farm in in South Africa by using the following search criteria:

• Farm name
• Farm number
• Portion
• Registration division

The results you will get from a Deeds Farm search include:

1. Property information.
2. Ownership information.
3. Bond information.
4. Historic document.

5. Deeds Sectional Title

pbVerify can search for any Sectional Title in South Africa by using the following search criteria:

• Scheme prefix
• Sectional title name
• Sectional scheme number
• Unit number

Search results return the following information:

1. Ownership information.
2. Sectional information.
3. Scheme details.
4. Purchase date.
5. Title deed number.

6. Deeds Document

Several kinds of documents are registered at the Deeds Office, including title deeds, bond documents, antenuptial agreements and interdicts. Searching by document number at the appropriate Deeds Office will give you the details of that document and the option to request a document copy.

pbVerify’s new revamped Deeds Search tool is easy to use, accurate, fast and free to register for. You only pay per search and there are no monthly subscription fees or registration costs whatsoever.

As soon as you’ve signed up, you will be able to instantly search for any deeds information you may require through our user-friendly web interface.

Click here for all your Deeds product pricing.