New international credit report rules to count in consumers favour

We have great news for all South African consumers who have been trying to improve their credit scores – several international credit bureaux are in the process of implementing new reporting legislation that will make it much easier to boost your credit rating. Equifax, Experian and TransUnion will be removing a handful of negative factors from their reports after July 1st 2017, according to the Wall Street Journal.

date: 30/03/2017Author:

These factors include legal claims over unpaid taxes and civil judgements. This move will not automatically result in an improved credit rating for all consumers (only an estimated 6% will be effected), but some could see an improvement of between 20 and 40 points. This may not seem like a lot, but in certain cases even a small increase in your credit rating could make you eligible for a lower interest rate on loans, secure approval for a new line of credit or put you in line for a credit card with more significant rewards.

Why you should check your credit score regularly

According to American statistics, one out of every five credit reports has a mistake on it. However, consumers are eligible for a one free credit report per year from each of the big credit bureaux, so essentially you could do a free credit check once every four months. Remember – your credit score is not a static number, it is influenced by several variables and subject to the whims of an algorithm, so it is up to you to review it regularly to ensure that you are not branded as a risky borrower due to outdated or incorrect information.

Learn more about improving your South African credit rating

Libertine Consultants now offers credit analysis and credit clearance services to help you make sense of your credit report and remove any erroneous information. We’ll walk you through your credit record systematically and assist you in tackling any administrative work required to clear incorrect or outdated information that may have been affecting your score negatively. This includes the removal of debt review and administration notices, as well as negative listings (such as judgments), from your credit profile.

Get in touch with a Libertine Consultants representative to learn more about our credit services and how we can help you clean the slate and pave the way to a brighter financial future.

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