Credit refers to an agreement to buy goods or services with the promise to pay for it later, with interest.

When buying on credit consider the following:

• Shop around and get quotes (cost compare)
• Calculate the TOTAL to be paid back
• Be aware of additional costs
• Read and understand contractual credit agreements
• Request for a quote with pre agreement to read and understand
• Make an informed decision based on the information at hand
• Check your budget and assess if you can afford the repayments
• Check your credit profile / score before applying

When you have taken credit:

• Pay on time
• Pay at least the minimum instalment showing on your statement
• If you have any trouble paying, contact the companies you owe immediately
• If you borrow from registered lenders and are over-indebted, the NCR makes provision for debt counselling or debt review

• Credit bureaus are custodians of our credit information, they keep a record of how we manage our credit, if we pay on time and how much debt we have
• When you apply for a loan or buy something on credit, the credit providers will review your credit profile to determine if you are eligible for credit and to determine an interest rate
• If you do not handle your credit repayments, creditors may list adverse information such as defaults or list court action and judgements taken against you
• Check your credit profile once a year. (You are entitled to one FREE credit report per annum.)
• A list of credit bureaux that will give you a free annual credit check are on www.cba.co.za
• This website gives contact details for all the credit bureaux that are members of the CBA
• Contact numbers of other credit bureaus can also be found on the website and FB page

• Credit profiles contain both positive and negative credit related information credit related information
• Credit providers use this information together with other information to assess risk

The kinds of information that appear thereon are: 

• Personal information
• Judgments and defaults
• Payment behaviour (positive and negative)
• Account history
• Enquiries

• Close accounts you no longer use
• Pay on time , every month
• Pay the minimum as indicated on the statement (If possible more)
• Make payment arrangements if you cannot afford to pay
• Address any disputes you may have with the credit bureau
• Advise your creditors of any change in details

If you’re not happy with outcome of your disputes raised you may approach the office of the credit information ombud’s

• What to do when over-indebted?
• The first step is to contact your creditors and explain you are in difficulty
• Debt restructuring – Requesting for reduced payment over a longer loan term = present creditors with a formal request
• Debt Counselling – if you have too many debts and are not managing with repayments plus your other living costs, you may approach a debt counsellor