Credit Clearing: frequently asked questions

Credit score

A credit score in South Africa consists of a three-digit number generated by a credit bureau and determined based on the information found in a credit report. The credit report creates an overall picture of how well you manage your credit agreements month-to-month and how risky it would be for a financial and credit providing institution to advance your financing.

When calculating your credit score, credit bureaus use a complex formula based on the information they receive from your creditors.

Take note of the following regarding credit clearing

• If you use your credit responsibly, you will earn points.
• If you cannot manage your credit responsibly, you will lose points.
• Depending on the bureau, there may not be a score if you have applied for debt review.
• As your credit report changes from month to month, your credit score will either rise or fall over the course of time, depending on how your credit report is changing.

ITC check

ITC Check is a general term used to indicate what a consumer searches for when looking for a credit report from TransUnion Credit bureau. Generally referred to as ITC, TransUnion collects, holds, and distributes information about a consumer’s financial history from registered credit providers.

Based on this information, your credit report and credit scores are derived. If you have not requested a copy of your credit report within the last 12 months, each of the registered credit bureaus based in South Africa will send you a copy of your credit report within twenty-four hours.

Additionally, all four major credit bureaus are available to you through Credit Salvage via an easy-to-read credit report, and you can get this by clicking the picture below. There is a cost for these four comprehensive reports of R315 inclusive of VAT. The service fee includes an expert analysis of your information and a set of recommendations to follow so that your debt-to-income ratio and affordability calculations decrease to an acceptable level that will improve credit scores.

Experian free credit report

Experian free credit report is available in several different ways. Credit bureaus have various categories of information about your credit history, which may vary from bureau to bureau. The fact that you are ordering your own credit report from Experian has and never will influence your credit score. If you wish to obtain a copy of your free Experian credit report, please use one of the methods outlined below.

Order by mail or fax

• Use the forms provided by Experian or contact Experian directly to obtain a free Experian credit report. Use the forms available on their website or contact them directly to acquire a free Experian credit report. 
• Make copies of two pieces of acceptable identification, such as a driving license card, passport, or I.D. card.
• A proof of residence that is no older than three months. 

Order by telephone

• Call Experian directly and follow the instructions.
• Experian Credit bureau Tel: 0861 10 56 65
• You will have to verify your identity by answering several questions related to your personal and financial situation.
• You will also need to provide the above-mentioned documents. I.D. and proof of residence. 
• You will receive an electronic copy of your credit report via your email address. 

Get your Experian Free Credit Report online.

• It is possible for you to order your credit report online from other Credit bureaus for a fee. However, it is essential to note that Experian allows you to access your credit report online for free.

Credit check with id number

A personal credit check or credit report requires your id number. Moreover, Credit Salvage provides easy-to-read credit reports for all four major credit bureaus. Click on the picture below to access them.

We will provide you with a detailed analysis of your information, including a set of recommendations to follow so that your debt-to-income ratio and affordability ratio drop to a level acceptable to the credit providers. This information and guidance, if followed, will improve the credit scores.

For these four comprehensive reports, there is a cost of R315 inclusive of VAT.

Credit Bureaus South Africa

It is important to note that there is no official credit bureau or credit rating organization in South Africa who can legitimately claim to be the primary credit bureau.

A South African credit bureau, referred to as a credit bureau, is a privately registered institution that accumulates, analyses, and provides credit providers with information regarding the borrowing and payment habits of South Africans.

There are eighteen registered credit bureaus in South Africa, and four of them tend to be the major credit bureaus for consumers: TransUnion, Experian, XDS and Compuscan. Experian, TransUnion, and XDS are the most popular credit bureau agencies for business reports.

You should be aware that each credit bureau operates independently and does not share information with one another. You should check your credit report from each of these main bureaus since your credit report will differ from one bureau to another.

Loans for Blacklisted people

When asking yourself whether you can get a loan with a blacklisted status or an impaired record, the answer would be yes, in some cases. Unfortunately, it is possible to qualify for a loan in South Africa while blacklisted and having an adverse credit history. But be warned of the predatory and unethical loan sharks and their payday loan products. There is nothing worse than loan sharks who will pounce on you, snatch all your money and assets, and suck you dry without care or regard for the damage they have done to you.

No matter how bad your credit report is, these loan sharks will grant you a loan. Despite this, they will charge you a very high-interest rate, and there are times when they will charge you ill-legitimately high-interest rates to catch you up in their web of dependency.

Business models used by loan sharks attempt to trap you into an endless debt cycle that is extremely hard to escape. The idea is for you to pay back the previous month's loan in full via an irreversible debit order that will make you feel pressured to borrow from them again. You will borrow again to cover household living expenses. 

An Alternative to getting caught up in this vicious debt cycle is the National Credit Acts Debt review process. During the debt review process, you will be protecting yourself from adding to your debt and further aggravating your situation. In addition, loan sharks who offer you loans while you are overextended and blacklisted are usually not registered with the National Credit Regulator. When dealing with unregistered and dishonest loan sharks, you will have no recourse in the event of a dispute.

If you find yourself in this situation, call us today, and we will offer you almost immediate financial relief from all your creditors and loan sharks.

Credit bureau contact details

Currently, there are eighteen credit bureaus in South Africa, and four bureaus are established and operate as the main credit bureaus. It is also important to note that TransUnion, Compuscan, Experian, and XDS are the major ones. In case you need to contact any of these credit bureaus, there are several reasons for you to do so. These factors might include disputing adverse information on your credit report, investigating inaccurate personal details, or reporting identity theft and fraud.

Some of these disputes can be handled online or via e-mail on all major credit bureau websites, but sometimes talking to a customer service representative is the best option.

We strongly recommend checking out our website or calling us if you have a complex problem or would like extra peace of mind knowing that you are dealing with a credit bureau expert to sort out any blacklisted matters.

Credit bureau contact details

There is a main customer service contact number for each of the major credit bureaus listed below:

• XDS: 011 645 9100
• Compuscan: 0861 105 665
• Transunion: 0861 886 466
• Experian: 086 105 665

As soon as you call, you will not only have to answer a few questions, but can also speak directly to an agent who can route your call to the best department, depending on what you want to dispute or rectify.

Credit bureau websites

Most credit bureaus have a consumer-self-service section on their website that provides consumers with the most frequent questions and general services they might need. Among the services that Compuscan, Experian, XDS and TransUnion provide to their customers are:

• Free credit reports online.
• A dispute resolution service.
• Resolve disputes regarding credit fraud and identity theft.

Whether to contact all or just one bureau for credit clearing

In most cases, you will have to contact all four credit bureaus separately if you have any information to dispute.

Alternatively, if you find an error in one credit report, you should also request and review the credit reports from the other bureaus to see if the mistake is also there, and if it is, make a separate dispute with those bureaus.

When adverse information appears only at one bureau, you will only need to contact that bureau.

You will need the following information when contacting a bureau!

Prepare yourself for questions designed to verify your identity before contacting one or more credit bureaus.

The first thing you will need to provide is your full name, birth date, Identity number, and proof of residence. If you have this information and copies thereof accessible beforehand, the call will go smoothly, and you will not have to call back at a later stage.

Long term loans with poor credit in South Africa

Generally, credit providers require good credit scores and a decent credit report to qualify for a long-term personal loan. Furthermore, lenders will also look at your income level, job stability, and the ratio between your debts and income.

Even though your application for a long-term loan may get rejected by a bank or any of the larger loan providers because of poor credit histories, some alternative smaller lenders will not decline your application. Those with a poor credit history can borrow funds from numerous private lenders online. It is important to note that they usually charge higher rates and fees than banks. In many cases, these will over indebt you rather than help you out of your financial predicament.

There will also be the problem of multiple credit inquiries conducted against consumers' credit reports during their attempts to obtain loan approval from lenders. Whenever possible, you should avoid being in this situation. You will have a lower chance of getting the loan if you apply to multiple lenders.

Loan sharks often ignore the financial well-being of consumers, if they can catch you in their web of dubious loans. You may want to consider a legal solution to your debt problems, offering immediate financial relief and significantly reduced interest rates. Such a solution serves for your maximum protection and your overall financial well-being. Our debt review solutions provide immediate relief, reduced interest rates, and help you meet your living expenses.

ITC report document

An ITC report document is a credit bureau report issued by TransUnion that provides credit information about a consumer. As a leading global credit bureau and formerly known as the Information Technology Company (ITC), TransUnion is an organization that has been around for over one hundred years and has gained a reputation for providing accurate and timely credit information to consumers worldwide. Estimates suggest they have access to the data of approximately 18 million consumers and over three million businesses globally.

How to get a free ITC report document from TransUnion

Order a copy of your credit report from TransUnion South Africa by mail, e-mail or via their website. Your credit score is not affected by ordering your credit report from TransUnion.

Order by the website or via their call center

• Use the forms provided by TransUnion to submit your request in writing.
• Please provide copies of two pieces of acceptable documentation, such as a certified copy of an ID card and proof of residency that is no older than three months.
• You will receive a copy of your credit report via e-mail within a few hours. Once you have received your free credit report you can subsequently establish if you blacklisted and what to do in your quest for credit clearing with TransUnion.

You can order by phone

• Contact TransUnion and follow their instructions
• TransUnion South Africa Call Centre 086 188 6466
• You will need to answer questions regarding your personal and financial situation to confirm your ID.
• You will also need to provide your Identity number.
• You will receive a copy of your credit report via e-mail within a few hours after verifying your documents.

Get your ITC report document from TransUnion online.

If you want to order your credit report more often than once a year, you will have to pay a fee. Visit the TransUnion website by clicking the following link. 

Does the Credit Bureau decide the outcome of a credit application?

No! Credit bureaus do not decide the outcome of credit applications. A credit bureau provides information about a consumer's or business' creditworthiness. Credit bureaus are private companies registered under section 43 of the Credit Act. Credit information is readily available to banks, lending institutions, and leasing companies.

Based on the information the bureau provides, lenders will assess credit applications and decide whether to approve them. You can apply for credit repair assistance by visiting the following link: Credit Salvage credit repair application.

How long will my blacklisting last?

Depending on the type of adverse information, adverse information will stay on your credit report for a certain period. The following is a brief list of unfavorable listings on your credit report and how long they will remain there.

• Five-year period for judgments
• Defaults - two years
• For five years or until a court issues a rehabilitation order.
• Administration order. Five years.
• Debt Review. Credit reports contain this indicator until a debt counsellor issues a clearance certificate or a court declares the consumer no longer over-indebted.
• Credit Enquiries. One Year

Blacklisted loans same day approval

Long-term and short-term personal loans require good credit scores and a decent credit report. Moreover, lenders will also examine your income level, job stability, and current debt-to-income ratio when determining your loan approval.

Even though a bank or any of the larger loan providers may reject your application for a long-term or short-term loan due to your blacklisted and poor credit history, loan sharks will not. In fact, loan sharks’ prey on blacklisted consumers who are desperate to get a loan to get by.

When you consider doing business with loan sharks, we always give you the best advice - don't ever deal with them. They are usually unscrupulous moneylenders who charge very high-interest rates on loans to borrowers who can't afford to repay them and even sometimes use intimidation and violence to intimidate borrowers who can't afford to repay them.

The National Credit Regulator (NCR) regulates registered moneylenders under the National Credit Act. 

Most loan sharks are small businesses, are not registered, and often operate outside the law. If you approach these unscrupulous lenders for a same-day payday loan, you'll likely:

• You're given a loan with terrible terms.
• You'll pay a high interest rate.
• If you fall behind on your payments, you will suffer harassment.
• Once they take their hefty instalment, you will have no choice but to borrow more money from them to cover your living expenses. 
• To guarantee repayment, some loan sharks illegally take your ID and bank card. 

If you've borrowed from a loan shark

The best way to get out of a situation where you have borrowed money from a loan shark and have fallen into a debt spiral is to apply for debt review to repair your finances. As part of the debt review process, a debt counsellor will investigate these loans, and if recklessly given, a magistrate's court could declare them null and void. The contract will become legally unenforceable once deemed null and void, and no further payments are required. 

It is possible for loan sharks to threaten those who don't pay their loans that they will prosecute them and send them to prison if they don't pay back their loans. Threats like these cannot occur.

Feeling harassed?

It is illegal for any credit provider, registered or not, to harass you. If you are threatened or misused by a loan shark, you should report the incident to the police as soon as possible.

The advice and help you need

Our team has years of experience dealing with unscrupulous lenders, credit clearing, removal of blacklisted matters and debt review removal. Get free debt advice from us today, and we will guide you to a debt-free life.