It is very important to know what your credit rating is, as the day will come when you will need to apply for a new form of financial credit, home loan or credit card for example.
Once you have applied, the financial institution or bank will run a credit check on your credit application. The report will stipulate things like whether you took too long to repay a debt, or whether you have any current overdue accounts and other personal details that they feel is relevant.
By doing this the financial institution can check whether you will repay the loan before they lend you their money.
Check your credit rating
If you are unsure as to your credit rating, it might be worth your while to find out, especially if you are planning on borrowing in the near future.
There are a number of ways that you can get a copy of your report through a number of credit reporting agencies.
One of which is Dun and Bradstreet and another is Veda Advantage. Consumers can have access to their credit through their websites.
The information that you will require for identification purposes is:
- Full name
- Previous address (if you have lived less than three years at your current address)
- Date of birth
- Driver's licence number
Point to remember:
- You have the right to access your personal files kept by credit reporting agencies.
- The information is free of charge.
- You should receive the information within 10 days of request.
- You can have incorrect information changed.
- You must be informed before you are listed as a defaulter by a credit bureau.
- A credit provider may only report you to a credit bureau if the default is considered to be a serious credit infringement or 60 days have elapsed since payment was due.
Ensure you know your credit rating. If you are not in a hurry - it's free!