People who are aware of how their personal finance works and try to keep it in order are very careful of their credit reports. A credit report, in the modern world, is a very integral part of any individual’s personal finance. Therefore, it is important for every individual in South Africa to know that his credit report is flawless and does not carry any errors.
Unfortunately, despite genuine guarantees from credit bureaus, credit reports are not infallible and can carry mistakes that can result in major financial damage for the people that they are for. This is why it is imperative for every individual in South Africa to keep reviewing his credit report.
With regular reviews, an individual would be able to spot errors and mistakes in his credit report and subsequently get them fixed from the credit bureau.
Here is how you can go about doing this for your credit report.
1. You would only be able to spot errors in your credit report if you check it regularly. Credit reports for any individual are directly available from the credit bureau itself for a certain amount of money. However, it is also possible for an individual to get his credit report for free from various websites on the internet.
2. After you have gone through the credit report and spotted some mistakes, you can report them to the credit bureau in three ways i.e. via phone, mail or the internet. It is important to note that whichever method you choose to report the errors, you would be confined to it until the error is resolved.
3. Almost every possible aspect of the credit report, if incorrect, can be reported to the credit bureau. However, the more common mistakes that people find in their credit reports include payments reported late, identity and accounts being mixed up, inaccurate loan amounts or credit limits, wrong creditors listed and many other things.
4. After you have reported the errors, the credit bureau will start an investigation towards the same and send you a written intimation for it as well. It is always advisable for you to send documented proof to the credit bureau to back your claims of a mistake in your credit report.
5. After you have reported the errors in your credit report to the credit bureau, you would have to wait for a period of 30 to 45 days for a resolution.