How To Check Credit Score In South Africa

Below is How To Check Credit Score In South Africa

Obtaining credit can be stressful. Some people fear that they won’t qualify for a much-needed loan, and many don’t know what they can do to improve their chances of qualifying for a loan. In this blog, we look at credit scores and how they’re used to determine who does and who doesn’t get a loan. More importantly, we also look at how you can improve your credit score, increasing your likelihood of getting both a loan and a lower interest rate.

Your credit score is calculated using different factors in your credit report and is used as a prediction of how likely you are to pay back a loan. A high score means you’re very likely to repay a loan while a low score indicates that you’re likely to default. Lenders are obviously more likely to give a loan to someone who poses less of a risk.

Getting your free credit report and score

Since the acquisition of Compuscan in 2019, Experian provides free credit reports and free credit scores on My Credit Check and My Credit Expert, which are our easy-to-use, online portals that allow all South African citizens with valid South African ID numbers to access their credit information via their personal extensive credit reports.

Whether you are a first-time credit report user or not, My Credit Check and My Credit Expert will help you understand your credit data, show you how to monitor accounts, manage debt, and improve your credit profile.

You can access your personal credit reports through either the My Credit Check or My Credit Expert portals.

My Credit Check

The My Credit Check portal, available at www.mycreditcheck.co.za, references data from the Experian Sigma database, which is the historical Compuscan bureau database.

Your My Credit Check credit report and credit score are generated from the Experian Sigma database.

My Credit Expert

The My Credit Expert portal, available at www.mycreditexpert.co.za, references data from the Experian database.

Your My Credit Expert credit report and credit score are generated from the Experian database.

Note: Your credit score based on the Experian Sigma Database may be different from the one based on the Experian Database because the formulas and variables used to create the scores differ. Currently, these two databases and the scoring models are kept separate.

How do I do a credit check in South Africa?