Did you know?
Credit Users should be monitoring their Credit Report and Credit Score monthly. You have a 1-in-2 chance of becoming blacklisted. When you take our a loan to buy a house or a car not only do you take on the risk of the building (contents insurance) or the car (accident insurance), you also take on the risk of using Credit that you may not be able to pay back & this will = blacklisting. If you want to buy a property you may be liable for Transfer Fees that can range from R15000 - R150 000, depending on the price of the property you buy. Even if you maintain a good credit score you can still be blacklisted through identity theft, as criminals target good credit profiles.
When do you Need It?
With half of all Credit Users being at risk of becoming blacklisted every Credit User needs to protect themselves from the expensive cost of fixing this in the future. You need it to pro-actively monitor your Credit Report monthly and track what Creditors are showing about you. You also need it if you want to Transfer a property onto your name, or vet a Tenant.
