What is ITC?
Input Tax Credit or ITC is the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale.
ITC South Africa Contact Details
How do I contact ITC South Africa?
Get in Touch
- (021) 405-5700.
- info@itcba.co.za.
Email info@itcassist.co.za.
Where can I get the ITC report document in South Africa?
This report can be issued by any Local Criminal Record Centre (LCRC). The prescribed fee is R75,00 per report.
How do I check my ITC record in South Africa?
Experian offers South African consumers free unlimited access to their My Credit Check and My Credit Expert credit reports and credit scores.
Visit www.mycreditcheck.co.za for your Experian Sigma credit report. Visit www.mycreditexpert.co.za for your Experian credit report.
There are various instruments to verify your credit record. For example, you can easily request a credit check or ITC Credit Check online to find your credit status, and most financial providers will offer such a service for a nominal fee.
However, the TransUnion credit bureau found that fewer than 5% of South African consumers use the legislation that entitles them to obtain a free credit report every year from every credit bureau in the country. This opportunity to verify and understand your credit report proves useful before you decide to apply for another loan.
The credit report gives a good indication of your current debt eligibility and the chances of getting another loan application approved. Sadly, most consumers access this info when it is too late after receiving rejected applications for home loans or vehicle finance.
Be careful not to abuse the ITC Credit Check feature. The number of frequent credit checks is an indication of new credit inquiries and applications. Applying too often for a loan may be interpreted as a financial struggle.
Limiting how often you apply for new credit shows good financial management, and it improves your credit record and, subsequently, credit score.
How do you fix something on your credit report?
The following steps, according to Nerdwallet, will help you fix any errors on your credit report:
- Ensure you check all 3 of your credit reports for potential errors
There may be small differences among your reports because some creditors don’t report your account activity to all three bureaus. It’s important to review all three of your credit reports, in case a negative event is recorded on one and not the other.
- Have all the necessary documentation ready and available
Depending on the error, the things you gather to support your case could include:
- Copies of credit card statements or loan documents
- Copies of bank statements
- Copies of birth or death certificates, or a divorce decree
- If you’ve reported identity theft, include a copy of your FTC complaint or police report.
- Documentation to provide for your dispute
- In addition to the above, you’ll need to provide:
- Proof of identity
- Your Social Security number and date of birth
- A copy of government-issued identification (such as a driver’s license or passport)
- Your current address and past addresses go back two years
- A copy of a utility bill or bank or insurance statement that includes your name and address
How do I improve my credit record and become debt eligible?
Improving your credit record is essential to become debt eligible at your next credit check and maximizing the chances to have your next loan approved. Here are some things to keep in mind:
- Build your credit record. Showing that you can manage debt well and repay a credit line, for example, a credit card or retail account is a positive thing in your credit check. It also improves your credit score.
- Check your ITC Credit Check report for errors and negative info. Always ensure the credit report is free of inconsistencies. Sometimes, updating your profile can mean the difference between being debt eligible and not qualifying for a loan.
- Get paid debts cleared from the credit report. Once you have paid a debt in full, the creditor must inform the credit bureau, which is then entitled to remove or clear the debt from your credit record. Similarly, if you had court judgments in the past and you paid off the debt, the credit bureau should receive either proof of payment from the credit provider or a valid court order rescinding the judgment. Ensure this debt is cleared before applying for new credit.
- Keep up with the repayments. Missing payments or paying later than usual will negatively reflect your credit history via the credit check. Maintain your credit record pristine by repaying debts in full and on time.
- Pay off outstanding debts. Regularly catch up with past-due accounts to reduce current debt as fast as possible and make room for loan applications that require a high credit score for approval, e.g. property loans. Start with paying off high-interest rate unsecured debt: credit cards, personal and consumer loans. Close any outdated accounts that you are not using anymore.
How do I find out if my credit is blacklisted in South Africa?
If you bank with a local bank, go to your branch and ask them if they have a blacklist database.
Check whether any of your names appear on one of their lists on their website at www.ncrcorp.co.za or call them directly at 011 712-0000.