The Biggest Credit Bureaus in South Africa
Credit bureaus play very important roles in a country. Without them, in fact, countries would struggle to keep up with debt, and there wouldn’t be any consequences for making too much debt, nor being able to repay it. Without credit bureaus, countries would encounter a financial crisis.
If you think about the U.S. or even our own country, two countries that are in a lot of debt, without credit bureaus, they would not be able to thrive financially at all. That is why these entities are extremely important.
When credit bureaus are being discussed, most people are fearful, because they know credit bureaus have all their information, including their income, financial history records, and debt, yet they still do serve a good purpose in our country. They provide a sense of structure behind the scenes and help protect creditors, banks and even the general consumer.
The role of a credit bureau
Regardless of what people might think, credit bureaus don’t judge the consumer. They merely oversee the process of an application for credit.
They decide whether you can afford either credit or a loan. One of their biggest roles is to provide credit providers, banks and financial institutions, with your credit report.
Once creditors receive your credit report, it gets reviewed. The main thing that gets assessed, is your credit score.
The 3 biggest credit bureaus in South Africa
- Trans Union – As the biggest credit bureau is the country, Trans Union provide information on both businesses and consumers. They can provide a lot of information. They are the most known and reputable credit bureau in South Africa.
- Compuscan – This credit bureau is also known internationally and was first established in 1994. They are committed to serving the African credit markets and have a good track record of providing the correct information. The bureaus’ vision is to become the leading credit management solution provider. They play a very essential role in the credit market.
- Experian – As yet another successful credit bureau in South Africa, Experian is known for their highly skilled teams. Their customers include all the major telecommunications, micro-lending companies, retailers and banks in the country.
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