The credit bureau in South Africa fulfills a key role in the debt and credit industry. So what exactly is the function of these bureaus? The main objectives of this body is to gather consumer information and update each individual’s credit history. This information is used to compile a record of each consumers debt use, detailing how each user manages their debt and credit. Including spending habits, missed payments and flags like those for debt review, this is an indicator to other creditors of your level of risk and investment where their lending capabilities are concerned.
A complete record of your credit use over the years, this is vital information when having any dealings with credit. From credit card accounts to home loans, the information gathered by the credit bureau in South Africa dictates the likelihood of you getting an approved loan.
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