Understanding your credit history can help to prevent you from becoming a victim of Identity Fraud.
Identity theft is a serious issue currently being experienced in South Africa. Most people might think that its something that you hear about and would never actually affect them, they are wrong. There are loads of well organised syndicates that operate and have devised smart ways of phishing your personal data and then on selling this information to individuals who can then open up credit accounts and even apply for jobs under your ID profile.
One of the best ways to check if you Identity profile has been hacked is if you check your credit report on a regular basis. Twice to three times a year is more than adequate and will keep you in the loop as to any suspicious activity that may be reflected on the report.
Your credit report will display all your credit history and personal information, you will also get to see all third parties that also have access to your report. Every time a third party accesses your report, a digital footprint is created. This footprint can be very helpful in identifying if credit providers have run checks on you in parts of the country you don’t live for example. Having this information is key to determining if your profile has been compromised.
Reviewing your credit report has more benefits than just to determine Identity theft, you can start to fix or improve your credit history and especially if you are planning a large credit purchase in the next couple months. Banks and credit providers like to see that you are a good client and make regular payments, the better a client the greater the chance you can negotiate better credit terms. Banks want to lend money to people, but they especially want to lend money to people who can repay and not get into trouble.
By taking note of your credit history, you may be able to negotiate a percentage point or two off a new car purchase. If you take that over the course of repaying the capital it can really add up, so there are definite benefits to taking note and looking after your credit history.
Every South Africans are entitled to request one free copy of their credit report, from one of the four large credit bureau’s in South Africa. At i-Check Data Solutions we have in conjunction with our channel partners created a top of the line, fully comprehensive credit report at a rock bottom price. For R 20 ex vat, you can have access to your report.
If you would like to know more about this product or service, please do not hesitate to contact our friendly sales team today.
It is important to note here that you are allowed to pull your credit report for free every year. In fact, you are allowed to pull your credit report not only from one credit bureau in South Africa but all three for free, at least once every year.
An individual in the modern world is especially at risk from identity thieves and similar types of criminals. Therefore, it is extremely important for you to not only protect yourself against these risks by keeping your personal information safe but also by monitoring your credit report.
When you check your credit report at regular intervals and check your credit history, you are achieving exactly this.
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