DINEO TSAMELA: Every swipe you make, every chance you take, they'll be watching you ...
But what is a credit bureau and what can it teach you about managing your credit?
For many people, the role and importance of credit bureaus and credit reports begins and ends when they suddenly find their credit card application rejected - and discover it was because of feedback from the credit bureau. But what is a credit bureau and what can it teach you about managing your credit? A credit bureau is a company that gathers and organises individuals' credit transactions. Credit bureaus distribute this information to banks, creditors and clients in the form of a credit report, for a fee. Within the credit report you get a credit score. Your credit score shows how well you're managing your finances. For example, TransUnion, a credit bureau company, rates as "excellent" a credit score between 918 and 999. "Poor" is 615 and below. What sort of information is collected to generate your credit score? Credit bureaus collect information relating to your payment habits: if you've missed payments, if your account is in arrears or if you have any judgments against your nam...
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