The credit bureaus in South Africa perform an essential role. They are necessary for a fair and reasonable credit market. According to the National Credit Act they are required to ensure this function in South Africa.
What is a credit bureau?
A credit bureau doesn’t make judgments. It doesn’t oversee the process of application for credit. It also doesn’t grant credit to loan applicants. It simply provides credit providers with the credit reports of South Africans.
3 credit bureaus in South Africa:
Trans Union the largest Credit bureau in South Africa. They provide information on both consumers and businesses over wide scope including Auto Information Solutions. Their South African head office is in Johannesburg.
Experian has a global presence and employs highly skilled teams. They have all the major banks, telecommunications, micro-lending companies and retailers in South Africa as customers.
Compuscan have experienced international growth after their establishment in 1994. They are committed to high values and morals and strive to serve the African credit markets with transparent accurate information. Their vision is to be the leading supplier of credit management solutions.
A simple but vital role. Credit bureaus are extremely necessary in any credit market. They are independent institutions that supply accurate and transparent information. This is important to establish a fair and reasonable credit market in any country.