pbVerify Bank Code Update gives added assurance

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bank code update2For absolute assuredness around credit risk, complete your business credit report with a bank code update.

As a business striving for problem-free, profitable dealings with customers, you know how important complete, accurate and up-to-date credit information is, and you will want to leave no stone unturned when it comes to assessing creditworthiness.

As South Africa’s leading credit bureau, pbVerify provides you with all the products you as a business need, to guarantee sound commercial transactions – including a Bank Code Update service to round off business credit reports.

Complementing pbVerify’s recently launched XDS Business Credit Report, is our commercial bank code update service – also provided by XDS – that allows you to acquire an up-to-date bank code from any listed South African bank.

Bank codes are critical when it comes to assessing the credit limits and creditworthiness of potential customers. Before extending credit to any business, request a Bank Code Update on the pbVerify system to the value of credit you are considering.

In a nutshell, this is how it works: After you have submitted the required information, pbVerify’s Bank Code Update service makes contact with the customer in question’s bank, and requests the latest bank code against the desired Rand value. The return bank report is kept in your pvVerify account and can be retrieved any time after it is received.

What is a Bank Code?

A bank code is essentially a code provided by a bank on the company in question’s account, representing how good the company is for the amount of credit it is applying for. This is an investigation report that takes 24 hours.

As the business looking into a company as a potential customer, you are required to enter the company’s bank details (bank name, branch, account number) and the terms of the enquiry. For example, if the company in question signed a credit agreement of R10 000 for 12 months. The terms would then be R10 000 at 30 days over 12 months.

Below are the possible bank codes pbVerify’s Bank Code Update service could return:

A = Undoubted for the amount of your enquiry

B = Good for the amount of your enquiry

C = Good for the amount quoted if strictly in the way of business

D = Fairtrade risk for the amount of your enquiry

E = Figures considered too high

F = Financial Position Unknown

G = Paper occasionally dishonoured

H = Paper frequently dishonoured

Bank Code Update is a standard feature within the pbVerify system and is also available to third-party integrators via an API.

Please note:

  • Before requesting a bank code, businesses need to ensure that the company registration number matches that associated with their bank account.
  • It takes 24 hours from the time of enquiry for a bank code to be returned to the business enquiring.
  • This product is only available for companies – a bank code cannot be requested for an individual.

pbVerify launches new business report

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business credit reportSA’s leading data bureau has added a new B2B product to its extensive suite of credit risk management products.

SA’s leading data bureau, pbVerify, has just launched a new product to complement its existing B2B suite – the XDS Business Credit Report.

The new product will furnish businesses looking to draw business credit reports with instant insight into the existing status of any company that is registered with the Companies and Intellectual Property Commission (CIPC).

XDS is one of South Africa’s leading credit bureaus and, while pbverify has been an XDS partner for many years and offered a range of consumer verification products, the new XDS report is the first business product to be launched on the pbVerify website.

A comprehensive overview and statement of the credit status of any company being researched for credit worthiness, the XDS Business Credit Report is competitively priced and offers all the information (on both the company and its directors) a business requires to make sound commercial decisions.

The information offered in the XDS Business Credit Report also helps businesses prevent fraud by exposing whether any prior legal action has been taken against the company in question. It also gives businesses assurance that the Business and Principal information the company in question has provided, is 100% legitimate.

Below is just some of the information businesses can expect to garner from pbVerify’s new Business Credit Report from XDS:

  • Company CIPC status and information
  • Commercial credit score (with indicator)
  • Auditor information
  • Active director information
  • Business contact information
  • Business banking details
  • Bank Code history information
  • Commercial adverse information (judgements, defaults, etc)

Note: When drawing a business credit report, consent will always be required in terms of the National Credit Act (NCA) and its Prescribed Purposes. Read more about this here.

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?

 

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/