A Credit Bureau is a company that plays a pivotal role in tracking and maintaining your credit history. Registered Credit Bureaus collect data from various credit providers and lenders about your financial behaviour, such as how you manage your accounts and repayments. They also record actions taken against you for non-payment, for example. A comprehensive credit history report (by law for free each year) is made available by Credit Bureaus to potential lenders, enabling them to assess your creditworthiness effectively.
There are different types of Credit Bureaus – from ‘primary credit bureaus’ for example, VeriCred (VCCB), TransUnion, Experian, Consumer Profile Bureau {CPB} and Xpert Decision Systems {XDS}) to ‘Niche/Intermediate Credit Bureaus’ (serving specific markets) and ‘Reseller Credit Bureaus’ (selling credit information with the same legislation that applies to all Credit Bureaus).
Under the regulations of the National Credit Act, you and your fellow consumers possess the right to access and dispute any information contained in your credit record should you identify inaccuracies. To initiate a dispute, you should get in touch with the Credit Bureau responsible for your credit report. The Credit Bureau is obligated to complete an investigation within 20 business days. If you remain unsatisfied with the outcome of the Credit Bureau’s investigation or receive no response within the 20-business-day window, you have the option to escalate the matter to the Credit Ombud’s office. This service is available free of charge, but it’s essential to make sure you get a reference number from the Credit Bureau before doing so.
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