Elmarie, what information is reflected on your credit report?
If there is no judgment against you it is
positive as a judgment stays on your credit report for five years, unless
If it is
a default, it will display on your credit record for either one or two years,
depending on the type of default.
default relates to an enforcement action such as handed over to collection or
recovery, legal action or write-off, the default will remain on your credit
report for two years. If the default relates to a subjective classification of
your behaviour such as delinquent, slow paying, absconded or not contactable,
the default will remain on your credit report for one year.
If it is
a default, you can pay the amount that you owe on the account and request that
the lender update the default to show that it has been paid in full. Remember
that the default will be removed from your credit report after the one/two years, depending on the type of default explained above.
are in financial trouble, knowing what you owe and how to prioritise payment of your accounts can help immensely. Knowledge and understanding of the
information in your credit report empowers you, so be sure you know what your
credit report looks like.
Your credit report will also show, over a 24-month period, all the
accounts that you pay in full and on time, as well as any late or
Ensure you repay the correct amount owing on time and in full every month
– don’t skip a month with the intention of making up the shortfall next month.
Over time, if you manage your payments it will start to show when you
look at your credit report and your payment behaviour history.
Contact TransUnion to get a copy of your credit report to know exactly what action has been taken thus far by your lenders. Your TransUnion credit report is free to you every 12 months on www.mytransunion.co.za or call 0861 482 482.