Forums – Free Credit Score

What is a Credit Report?

Your credit report is a detailed record of your credit history and payment behaviour. The ThreeSixty.me platform (in partnership with one of our primary South African registered credit bureaus, VeriCred Credit Bureau also known as VCCB) provides your credit record for free. Your credit report includes vital personal information like your name, address, employer, and ID number – details typically provided on credit applications.

Your credit history, such as account activity and payment habits, is also recorded, showing whether you pay your accounts timely each month. Importantly, a credit report does not contain sensitive data like your medical history or race, religious beliefs, and political affiliations. Beyond tracking your credit behaviour or reputation (making timely payments and account management), it’s a valuable tool to help you with budgeting and to pinpoint any discrepancies or questionable transactions, for example related to identity theft or similar.

What is a Credit Score?

A credit score is also known as your credit risk rating. Credit scores play a role in the decision-making process of credit providers. When granting you credit, creditors rely on your credit score to assess your ability to make payments and meet your obligations. Several factors, such as your income level, payment history, credit background, and the type of credit you apply for typically influence your credit score. The specific scoring range may vary depending on the platform and formula (calculation method) used for determining credit scores. For instance, a high score is considered a very low risk (an excellent score indication) while a score of 600 and lower will usually fall within the high-risk (or a poor score) category.

Credit Record and Credit Score - What's the Difference?

Your credit record is a comprehensive document that holds a list of information about your financial history and how you’ve managed your debts. It includes details about your borrowing history, such as the amount borrowed, the creditor, and your repayment history. It all boils down to your credit score (specified on your record), a three-digit number that reflects your payment behaviour and credit history over the past 12 months. Keep in mind that inquiries you make into your credit record stick around for two years, and an excessive number of inquiries might signal risk to lenders.

Credit bureaus or credit record providers use various scoring models to assess your creditworthiness, but the principle remains the same. The credit score generally falls in the range of 0 to 999, with a higher score indicating better credit behaviour.

Why Should I Review My Credit Profile?

Regularly checking your credit profile is essential for several reasons. It helps you understand your current financial situation, identify inaccuracies that can impact your credit applications, detect identity theft, help prioritise debt repayments, and ensure your credit score remains strong. Plus, according to the law, you can obtain a free copy of your credit profile annually, allowing you to stay on top of your financial well-being.

How Can I Ensure a Strong Credit Profile?

Ensuring a strong credit profile involves making timely payments, managing credit card balances, avoiding excessive new accounts, reducing debt, maintaining open communication with creditors, practicing good financial habits, regularly reviewing your credit report for errors, and addressing any past issues. Using the ThreeSixty.me platform for monitoring and accuracy checks can help you stay on track with your credit profile’s strength.

How Can I Improve my Credit Rating?

To boost your credit score, start by checking your credit report with ThreeSixty.me Look for errors and address past issues like any late payments. Pay your instalments on time, limit new credit accounts, and maintain older ones for a longer credit history. Remember, practice positive credit habits like paying off debt and using less of your available credit. Monitoring your progress through ThreeSixty.me is key to achieving better financial opportunities and reaching your financial goals.

What is a Credit Bureau?

A credit bureau, also known as a credit record provider, collects and maintains your credit data from various credit providers and lenders. This data includes your accounts, loans, outstanding balances, and your repayment history. Credit bureaus compile this information into a credit report, which is a critical tool for lenders when assessing your credit applications. Our ThreeSixty.me platform is powered by VeriCred – VCCB (a primary South African registered Credit Bureau) and affiliated with CreditSmart Financial Services (a registered Financial Services Provider – FSP 52295 and registered Debt Management company – NCRDC3143).

How can I sign up to access my credit profile on the ThreeSixty.me platform?

Signing up for the best credit educational experience has never been this easy. Click on the sign-up button below and get your profile registered to start your credit confidence journey TODAY.

Is there a fee to access my credit profile?

Not only is your credit profile freely available when you sign up via ThreeSixty.me but you will have access to a world full of credit and financial tips and perks to improve your way towards financial independence.

What information do I need to provide to access my credit profile?

All you need to provide to access your credit profile is your South African ID number, correct mobile number, and correct email address. We use these contact methods to verify that you are in fact the correct person. If we are unable to verify your contact details against what we find via the credit bureau, we’ll guide you through a validation process.

How often is my Credit Profile updated?

Your credit profile is updated once a month on ThreeSixty.me You’ll be notified when your new report is available each month.

Who has access to my credit profile?

Access to your credit report is strictly regulated to protect your privacy. Here’s a brief overview of who can access it:

•

Creditors

Creditors can view your credit report when you apply for credit, like loans or credit cards, but only with your consent. It helps them assess your creditworthiness
•

Insurance Companies

Some insurers may request a credit check with your permission, typically for products like vehicle or home insurance to evaluate risk.
•

Employers

Potential employers may seek your consent to access your credit report for background checks, especially for roles involving financial responsibilities.
•

Landlords

Property owners can request access to your credit report when you apply to rent a property, mainly to gauge your rent payment reliability.
•

Government Entities

Certain government departments may access your credit report for specific purposes, such as fraud investigations or financial compliance.
•

Personal Access

As a consumer, you have the right to access your own credit report, available annually through major credit bureaus, including our ThreeSixty.me platform in partnership with VeriCred registered Credit Bureau (VCCB). Regularly checking it helps ensure accuracy and keeps you informed about your financial status.

Can I monitor changes to my credit profile through ThreeSixty.me?

Yes, our user-friendly platform guides you every step of your credit health journey. You can login to see any changes on your report and you will also receive regular notifications and communication from our team related to any changes within your credit report.