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South Africa is currently one of the most indebted countries in the world. Several factors contribute to the majority of South Africans finding themselves in huge amounts of debt. Experts blame low wages, high inflation, a weak currency, as well as high rates of unemployment throughout the country.

It has been estimated that 45% of South Africans are currently falling behind on their payments. 50% of the 19 million consumers are at least three months behind in their monthly payments. Monthly defaults simply amplifies the cycle of debt and leaves customers worse off from one month to the next. High interest rates and late fees inflates the monthly payments, making it more and more difficult to pay off as each month goes by.

By month-end, 77% of South Africans have less than R200 left in their accounts, making for some of the worst disposable income statistics in the world.There are currently numerous credit bureaus in the country, with Transunion and Experian being two of the most popular. These credit bureaus hold vital financial information for all South Africans.Of over 23.11 million credit records on the credit bureaus, a shocking 10.4 million records are tarnished by bad debt.

The highest debt in South Africa is blamed on credit cards, with 58% of consumers not being able to pay the monthly installment. A further 56% are struggling to pay off a home loan. These have dire effects on credit ratings, with the future chances of these customers gaining credit, diminishing with each bad score.

What Does this Mean for You?

A bad credit score can affect the chances of you gaining credit, buying a house or car, or even renting a home. You will also be declined should you need to open further accounts. Credit information is shared among financial institutions; and parties like rental agents can check your credit history before approving your rental application.

Regular credit checks are vital to ensure that you are on the right financial path. Financial institutions encourage all customers to make use of the free credit check available annually to get a credit report.

Not only does a credit check provide you with your financial standing with your creditors, but it also highlights cases of fraud and stolen identity which could be impairing your record. It has been reported that millions of South Africans have not exercised their right to a free credit report. Requesting a credit report will also allow you to raise any discrepancies that you find. In this way, should there be any bad information from a financial institution, you can easily pick this up and set your record straight.

Check Your Credit Report For Free

Here, you can get a free credit report to make sure that your credit score is on track. With a quick credit bureau check, you can ascertain what your score is, and how likely you are to be granted credit.

Did we mention that it was free?

It is also one of the simplest and quickest credit checks that you can do. You only need to fill out some vital information and you will get an immediate response with an accurate credit score. You will also be able to download the report instantly for record-keeping purposes.

No longer will you need to fill out endless forms from numerous sites.The process is quick and easy. Gone are the days of waiting days, even weeks for the report. Get your free credit report today!