Which credit bureau is most accurate in South Africa?

Asked by: Izabella Sporer  |  Last update: March 28, 2023
Score: 4.6/5 (53 votes)

Which credit report is most accurate in South Africa? Credit Bureau is the ultimate Credit Report Guide for South Africa.

Which credit report is most accurate South Africa?

Credit Bureau is the ultimate Credit Report Guide for South Africa.

Which is the most used credit bureau in South Africa?

XDS is the largest locally owned credit information bureau in South Africa, with subsidiary operations in Ghana, Nigeria and Zimbabwe. The company is part of the EOH Information Services division of the global EOH Group which operates in over 134 locations throughout South Africa and Africa and in over 50 countries.

Which credit bureau does South African banks use?

Here's what you need to know about South Africa's four main credit bureaus. To look after your credit score, it's important to get a full picture of your finances. To do this, you can check in with all four of the main South African credit bureaus – that's Experian, TransUnion, Compuscan and XDS.

Which credit reporting bureau is the most accurate?

FICO scores are used in over 90% of lending decisions making the FICO® Basic, Advanced and Premier services the most accurate for credit score updates.

Which credit bureau has the highest score? Lowest credit scores? Equifax? TransUnion? Experian?

29 related questions found

Is TransUnion or Equifax better?

Neither score is more or less accurate than the other; they're only being calculated from slightly differing sources. Your Equifax credit score is more likely to appear lower than your TransUnion one because of the reporting differences, but a “fair” score from TransUnion is typically “fair” across the board.

Which credit score matters more TransUnion or Equifax?

Is TransUnion more important than Equifax? The short answer is no. Both TransUnion and Equifax are reliable credit reporting agencies that compile reports and calculate your credit scores using different scoring models.

Does capitec use Experian?

Capitec Bank has selected Experian, the global information services company, to help it enhance its debt management and collections activities.

Which credit bureau is mostly used?

Equifax and Experian are the most commonly used credit bureaus by auto lenders.

Which credit bureau does FNB use in South Africa?

The Credit Center pulls your credit profile from TransUnion, one of the three major credit reporting bureaus, and uses VantageScore 3.0, a credit scoring model developed collaboratively by the three bureaus: Equifax, Experian, and TransUnion.

Which South African bank uses TransUnion?

JOHANNESBURG – Good news for consumers is that African Bank is now offering unlimited access to their detailed credit report through an innovative partnership with TransUnion Credit Bureau.

Which credit bureau does Telkom use?

Telkom makes a few checks to ensure that you qualify. First, they make a credit check. Our research indicates that Telkom uses mainly Credit Expert and TransUnion for their credit checks.

What credit score do you need to buy a house in 2021 South Africa?

The minimum credit score for a home loan in South Africa

A score of 600+ usually gives you a fair chance of home loan approval.

What is a good credit score to buy a car in South Africa 2021?

What Is A Good Credit Score To Buy A Car 2021? Credit score 660 or higher is recommended if you intend to buy a car. With this, it is usually possible to rate interest below 6%.

What is a good credit score in South Africa out of 705?

In South Africa, a credit score of between 650 and 669 out of 705 is considered to be "Good". Get into that band and you will get some brownie points from the lenders. If your score is below 528, it is considered "very poor".

Do banks use TransUnion or Equifax?

Answer provided by. “In general, lenders have a preferred credit report between Equifax, Experian, or TransUnion. However, they may pull more than one credit report if they can't determine if you qualify for a loan based on one.

Why is my Experian score so much higher than TransUnion?

This is due to a variety of factors, such as the many different credit score brands, score variations and score generations in commercial use at any given time. These factors are likely to yield different credit scores, even if your credit reports are identical across the three credit bureaus—which is also unusual.

How accurate is TransUnion score?

TransUnion is Accurate, But May Conflict With Other Scores

Unfortunately, errors can happen from time to time. FICO and VantageScore both use a range of 300 to 850 to categorize credit scores.

Does FNB use TransUnion?

Your FNB Credit Status Fully Explained

FNB sources the last two years of your financial data from credit bureaus in South Africa, coupled with any other financial data FNB can obtain when deciding your final score.

Which banks use Experian?

Banks and Stores

Experian, TransUnion and Equifax are the three largest credit reporting agencies, and most major banks use them to come up with a combined FICO score. International financial organizations such as Barclays, HSBC, Morgan Stanley, MBNA and Nationwide are examples of those that rely on Experian.

Is ClearScore a credit bureau?

ClearScore is not a credit bureau itself: it gives you access to your Experian data. We do this for free, because we don't think people should have to pay to access their own information.

What credit report is used to buy a house?

While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax)

Which is better TransUnion or Experian?

While both TransUnion and Experian have some similarities, Experian offers a more robust suite of consumer services. It also reveals your FICO Score 8—the score most lenders use—which can give you a better idea of what lenders see than the VantageScore that TransUnion provides.

Why is there a 100 point difference between TransUnion and Equifax?

This is because there are 3 credit bureaus and dozens of different scoring models. Differences in which report is pulled, which scoring model is used, and what information is reported to whom and when, can all have an impact on the credit score you are viewing.