What Your Public Credit Profile Score Will Tell You?
Our Free MoneyShop Credit report provides you with a number of great insights.
One of those insights is your Public Credit Profile which is made up of 3 bits of information the credit bureau hands back to us. This contains all the “negative information” linked to your existing credit profile. The more negative information you have, the worse your credit profile is going to be.
The good news is that if you have a few black marks against your name, you can work on cleaning up your profile. It’s better to know and to be able to do something about it, than to not know at all and only find out the day you need to access more credit.
Let’s look at the 3 bits of negative information that make up your Public Credit Profile:
- Are you under Debt Review?
- Do you have any Legal Orders?
- Do you have any defaults or adverse marks against your name?
Are you under Debt Review?
Debt Counselling (often referred to as Debt Review) is a legal process that offers over-indebted South Africans some financial relief. The process involves a restructure and re-negotiation of credit agreements so that the Debt Review applicant can get a chance to pay back existing credit agreements at a more affordable rate.
Under current South African Law, a lender cannot legally lend to a person who is under Debt Review. Our Public Credit Score will let you know if you are under Debt Review.
Do you have any Legal Orders?
The second bit of information the Public Credit Score will show you is if you have any legal orders like a judgement. A judgement is a legal order a creditor can get issued if you have fallen too far behind on your repayments. This is a real black mark against your name and our report will pick it up and reflect it back in Public Credit Score section of the findings.
Have you defaulted on a credit agreement or do you have any adverse credit information listed on your profile?
If you fall behind on your debt repayments on a regular basis (or fail to pay back your debt) then you have defaulted on the agreement. This history of late payment forms part of the “negative information” stored against your profile. When you request our Free Credit Report, we can pass this type of information back to you.
In the last month October / November 2019 MoneyShop visitors have:
- Completed 134 000 credit reports
- 10 751 of those people have judgements (8%)
- On average each of these credit report users had 1,4 judgements against their name
- And the average value of the judgement is R100K
Are you sure your credit profile is squeaky-clean?
Take advantage of our Free Credit Report today.
Until next time.
The MoneyShop Team