How to check your credit score

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A credit score is what determines if you can purchase that home you have been dreaming of or the ride you always wanted to own.

For all this to be possible, one needs to have a good credit score. An excellent score helps guarantee that you easily get access to the finances you need when you need them.

One of the three main credit bureaus, Equifax, has provided some tips on where and how consumers can check their score.

UNDERSTANDING WHAT A CREDIT REPORT IS

According to Equifax, most consumers think that they can access their score in their credit report. However, this is not the case as these reports usually don’t contain the individual’s score.

A credit report is a document that contains detailed information of the person’s credit history. It’s advisable to regularly check your credit report to ensure all the information on it is accurate.

Noticing any errors quickly can help you correct them on time before it affects your score. These errors can be corrected by contacting the creditor or lender, or filing a dispute with the credit bureau that provided the report.

Everyone is entitled to one free credit report every 12 months. You can obtain one from each of the three nationwide credit bureaus; Equifax, Experian and TransUnion. Get yours by visiting here.

Many have lost thousands of rands due to the 'Facebk' scam.
You can access your credit score in your credit card statement. Image: Pexels

HOW TO GET YOUR CREDIT SCORE

Credit scores are used to determine whether a consumer is low or high credit risk and if they will pay their bills on time every month. With so many factors being considered when determining a score, this is why a person can’t have only one score.

Each individual can have at least three. Equifax, TransUnion, Experian and FICO are some of the known score providers.

THREE WAYS TO GET IT

  • A credit score can be purchased from Experian, TransUnion, Equifax and FICO.
  • Another option is to get your score for free at free credit scoring websites.
  • You can also access it by checking your financial institution, credit card or loan statement as some of them now provide this information.

DO YOU KNOW YOUR CREDIT SCORE?

Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1.

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