Can I Check My Credit Score For Free?

Not many people in South Africa are aware that they need to check their credit scores on a regular basis to be sure that it is as they want it to be. The result of this is that when South Africans apply for a new loan, insurance policy or a credit card, they find themselves receiving quotations that are too high.

In fact, such situations are so common that most financial experts advise people to check their credit scores at least every six months. While some people fail to check their credit scores out of ignorance and negligence, others consciously avoid it because they believe that checking a credit score warrants some fee.

It is true that there are many websites and organisations in South Africa that require people to pay a certain amount of money for being able to check their credit scores. However, it is also a fact that you can check your credit score for free in South Africa.

The main reason why individuals want to check their credit scores is that they are planning to apply for a loan, a credit card or an insurance policy. With this in mind, even though it is possible for you to check your credit score for free in South Africa, it might not be enough for you.

The reason for this is that you need to check your credit score in the right context. In order to understand this context you need to know that there are different bureaus that keep credit scores of people. Different lenders and financial institutions tend to favour different credit bureaus.

Effectively, while you may be checking your credit score from one bureau, the lender that you have applied to may be using another. Thus, the first thing you should do before checking your credit score for free is contact the specific lender or organisation that you are dealing with and ask them which credit bureau they rely on.

It is also important to mention that many lenders and financial organisations do not just depend on one credit bureau and, instead, rely on more than one so as to verify the reports and be completely sure. As is obvious, if your lender also follows this practise then you will have to obtain your credit score from various credit bureaus and then analyse them to see if you will be approved or not.