A Credit Report is a confidential report that details your borrowing and repayment history. It contains personal information and information on your credit agreements like your home loan, credit cards, overdrafts, Personal Loans, and Cellphone Contracts. This information is displayed over a 24-month period detailing how you have paid these debts every month. Information of any judgements or defaults taken against you is also found on your Credit Report, this information can have a very negative impact on your overall creditworthiness. Credit bureaus collect this information in order to make Credit Reports available to potential lenders, employers, landlords, etc., to help them determine the risk in providing you with credit.
Lenders can use the Credit Report to calculate your credit score. Your credit score in turn can help lenders decide how much to lend and what interest rate to charge, e.g., people with a good credit score may be offered higher credit limits and lower interest rates.
Step 1: Simply enter your personal details on Hippo.co.za and select the "Next" button at the bottom right of the screen.
Step 2: In order to protect your identity, a one-time PIN will be send to your cellphone in order to verify that you are who you say you are. Enter the one-time PIN and answer a few questions by selecting the most suitable answer from the drop-down list.
Step 3: Decide if you would like to receive a Credit Report once-off, for three months, six months or a year. You can also decide if you would like to receive a Credit Report from only one credit bureau or choose to receive a Credit Report from four different credit bureaus.
Once you've made the payment, you will receive a confirmation email and SMS. The Credit Report will be send to you shortly thereafter.
A Credit Report provides insight into your current credit status. If you are applying for credit like a store account, a credit card or even a home loan, review your Credit Report to ensure that everything is accurate. An accurate and up-to-date Credit Report can help you get access to credit. If you have a good credit score you may be offered higher credit limits and lower interest rates.
Reviewing your Credit Report can also help protect you against identity theft as it could help you identify suspicious activity and entries.
All credit bureaus do not use the same rating system and may have different data on their report, and by comparing multiple Credit Reports side by side you'll be able to identify inconsistencies.
Credit providers will also use different credit bureaus, some will even use more than one bureau to ensure they have all the data available to make the best risk decision. So, only seeing data from one bureau does not give you the full picture the credit providers are seeing. Even though your scores may vary, they're all based on information in your Credit Report. So focusing on the information contained in your Credit Report can help you build your credit overall.
Improving your financial position all starts with a Credit Report. If you know which behaviours have a negative impact, you can track and monitor them monthly until you achieve your financial goals. You can receive a once-off Credit Report before making a major purchase such as buying a home or a car, or you can also choose to access your Credit Report more frequently. This will enable you to track how well you are managing your credit agreements and allow you to identify any inconsistencies that negatively impact your access to credit.
There are various pricing options available. You can receive a Credit Report once-off, for three months, six months or a year. You can also receive a Credit Report from only one credit bureau or choose to receive a Credit Report from four different credit bureaus reported side by side. You'll be able to choose the option that best suits your needs and budget.
A credit score is a 3 digit number based on information from your Credit Report . A credit score measures your creditworthiness. It serves to predict how likely you are to fulfil your credit commitments. The higher the number, the more creditworthy you are deemed to be. A high number can help you reach your financial goals while a low number can limit your financial opportunities.
The first step is to review your Credit Report. Scrutinise your Credit Report for errors and make sure that account payments are correctly reported. If you do find any errors, consult the relevant credit bureau.
Judgements and defaults have a big impact on your credit score. If you have one listed on your Credit Report, ensure it is accurate. If you are able to settle the debt, the judgment or default will be removed within seven days of providing proof of payment to the relevant credit bureau. It is also important to ensure that you make your credit payments on time every month. Some banks even offer to send you an email or SMS to remind you that payment is due. You can also opt to have a debit order put in place to ensure that you don't miss important payments.
Unfortunately, there is no quick way to fix a credit score. You'll need to manage your credit responsibly over a period of time in order to improve your credit score.
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*Savings amount based on 2017 research by Kaufman Levin Associates. Risk profile dependant.
Hippo Comparative Services (Pty) Ltd is an authorised financial service provider. FSP number: 16357. 1 Telesure Lane, Riverglen, Dainfern, 2191.