Ever wondered why you don’t see some accounts on your credit report? Moneyshop finds out for you.

Despite the National Credit Regulator (NCR) reporting a slight decline in the number of credit reports issued to consumers in the last quarter, many people are still interested in seeing their reports. However, it sometimes happens that when they pull their credit reports they find that there are missing accounts.

Why don’t you see these accounts?

Credit providers failed to submit the information

All legal lenders and banks need to report to the bureaus each disbursed loan, says Michael Bowren, CEO of Fincheck. This allows the bureaus to keep up to date with the client’s latest loans, outstanding loans, repayment habits and more.

However, not all providers have completed the onboarding process to submit data yet, adds Jeannine Naude-Viljoen, general counsel for Africa, TransUnion.

“If you have an account with one of these companies it will not reflect on your report yet,” she says.

The National Credit Regulator has however imposed deadlines for all providers to be compliant.

Inaccurate information

To ensure that your data is accurate, the bureaus perform some validations before loading the data – for example verifying that your ID number is 13 digits long.

“If the data submission fails some of these validations, the update will not be loaded, but sent back to the credit- or data provider to correct and re-submit,” says Naude-Viljoen.

In this instance,  not all data will be reflected on your credit report at a particular time, but it should be updated with the next data submission.

New debt

There is sometimes a lag between the bank or lender and the bureau. This means that the new debt or credit card you have just taken out, may not reflect on your credit report in real time.

Some creditors do not subscribe to bureaus

Accounts like utilities, TV licences and water are seldom reported on the credit bureau, but it does not mean they do not exist.

How will this affect your credit score?

Viljoen says that an account that does not reflect on your credit report cannot have a positive or negative impact on your score. This is because your score is dependent on existing and reflecting account information.

However, she adds that a missing update on an existing account on your report can have an impact, especially if it relates to a payment or settlement.

A good credit score and report allow you to gain access to better rates on your loans. If you see that there is missing information in your credit report, you can go directly to the credit bureau to raise your concerns or disputes.

Get your free credit report today

This article has been prepared for information purposes only and it does not constitute legal, financial, or medical advice. The publication, journalist, and companies or individuals providing commentary cannot be held liable in any way. Readers are advised to seek legal, financial, or medical advice where appropriate.