Incorrect score
I have settled all of my accounts but this pathetic bureau still as my credit score marked as poor which is 513.. Where as with experian my score as picked drastically after settling my accounts which is over 600... This is the worst bureau in south africa by far... Which can't even work out proper scoring.. Why do I even pay them every month when experian doesn't even charge me a cent... I cant even get what I want because of this rating... When I clearly can afford what I'm looking for because of this company.. My I'd number is *** thavan govender
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Transunion Credit Bureau's replyOfficial
28 Jan 2021, 09:36Good day,
What are the main factors that impact my TransUnion Credit Score?
1.Too much debt: Having too much available credit can sometimes harm your credit score. Credit or service providers may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced.
2.Your account balances are too high. High levels of debt can signal to potential credit or service providers that you are spending more than you can afford. It is a good idea to use your credit cards regularly but remember to keep your balances below 35 percent of your available credit limit. If you have balances above 35-50 percent, you could see your credit score start to drop.
3.Late Payments: Late payments will drop your score. In other words a 90 day late payment is more damaging than 30 days late. Always pay at least the minimum amount on your credit account each month.
4.Too many new accounts: Looking for new credit can equate with higher risk if the enquiries are done across many different industries within a short period of time. Opening several credit accounts in a short period of time affects your TransUnion score. The impact from applying for credit will vary from person to person based on their unique credit histories.
5.Public Record information. Bankruptcies and judgments on your credit report are items of public record that indicate that you did not honour a particular debt obligation. In some cases, such as judgments, it also indicates that the credit or service provider took legal action against you in an attempt to collect the debt. An item in this category will significantly lower your score. Payment of these types of items will not immediately undo the damage to your credit score.
HOW DO YOU IMPROVE YOUR SCORE?
Manage your accounts: Ensure you pay the full instalment owing on each of your accounts on time, every month. For example, paying half this month and the rest the next month will negatively impact on your score. Limit your amount of debt: Keep the utilisation of your current credit facilities to less than 35 percent of your limit. For example, if you have a credit card with R1000 credit, ensure the balance is under R350 at the end of the month.
Address negative listings: Check your credit report for items such as judgments and defaults. Take active steps to settle these outstanding debts and ensure you receive your settlement documentation which can be used to clear your credit record.
Grow your credit history: Maintain a healthy mix of secured versus unsecured credit. For example, store accounts and credit cards versus home loans and vehicle finance. In addition, long-standing credit accounts which are consistently paid on time reflect positively on your credit score. Limit your enquiry activity: Try not to shop around too much for credit at the same time. Too many simultaneous applications could indicate that there has been a significant change in your financial circumstances. Check your credit report - and your credit score - regularly to ensure each consistently paints you in the most accurate and positive light possible.
Please also be advised that we as Transunion have no authority to decline credit applications. We merely provide a credit record to the potential credit provides that you have app**** to. Credit providers use different benchmarks to determine whether you are suitable for a loan or not. You are legally entailed to go to the credit provider that declined your loan and request a written letter outlining the reasons your application was declined by the credit provider.
Importantly, the TransUnion Credit Score is not an endor*****t or a determination of your qualification for a loan and nor does it profess to be. It acts as a personal benchmark against which you are made aware of, and encouraged to improve, your credit behaviour.
Thank you.
What are the main factors that impact my TransUnion Credit Score?
1.Too much debt: Having too much available credit can sometimes harm your credit score. Credit or service providers may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced.
2.Your account balances are too high. High levels of debt can signal to potential credit or service providers that you are spending more than you can afford. It is a good idea to use your credit cards regularly but remember to keep your balances below 35 percent of your available credit limit. If you have balances above 35-50 percent, you could see your credit score start to drop.
3.Late Payments: Late payments will drop your score. In other words a 90 day late payment is more damaging than 30 days late. Always pay at least the minimum amount on your credit account each month.
4.Too many new accounts: Looking for new credit can equate with higher risk if the enquiries are done across many different industries within a short period of time. Opening several credit accounts in a short period of time affects your TransUnion score. The impact from applying for credit will vary from person to person based on their unique credit histories.
5.Public Record information. Bankruptcies and judgments on your credit report are items of public record that indicate that you did not honour a particular debt obligation. In some cases, such as judgments, it also indicates that the credit or service provider took legal action against you in an attempt to collect the debt. An item in this category will significantly lower your score. Payment of these types of items will not immediately undo the damage to your credit score.
HOW DO YOU IMPROVE YOUR SCORE?
Manage your accounts: Ensure you pay the full instalment owing on each of your accounts on time, every month. For example, paying half this month and the rest the next month will negatively impact on your score. Limit your amount of debt: Keep the utilisation of your current credit facilities to less than 35 percent of your limit. For example, if you have a credit card with R1000 credit, ensure the balance is under R350 at the end of the month.
Address negative listings: Check your credit report for items such as judgments and defaults. Take active steps to settle these outstanding debts and ensure you receive your settlement documentation which can be used to clear your credit record.
Grow your credit history: Maintain a healthy mix of secured versus unsecured credit. For example, store accounts and credit cards versus home loans and vehicle finance. In addition, long-standing credit accounts which are consistently paid on time reflect positively on your credit score. Limit your enquiry activity: Try not to shop around too much for credit at the same time. Too many simultaneous applications could indicate that there has been a significant change in your financial circumstances. Check your credit report - and your credit score - regularly to ensure each consistently paints you in the most accurate and positive light possible.
Please also be advised that we as Transunion have no authority to decline credit applications. We merely provide a credit record to the potential credit provides that you have app**** to. Credit providers use different benchmarks to determine whether you are suitable for a loan or not. You are legally entailed to go to the credit provider that declined your loan and request a written letter outlining the reasons your application was declined by the credit provider.
Importantly, the TransUnion Credit Score is not an endor*****t or a determination of your qualification for a loan and nor does it profess to be. It acts as a personal benchmark against which you are made aware of, and encouraged to improve, your credit behaviour.
Thank you.
Best regards,
Transunion Credit Bureau's reply28 Jan 2021, 09:36
Official
Good day,
What are the main factors that impact my TransUnion Credit Score?
1.Too much debt: Having too much available credit can sometimes harm your credit score. Credit or service providers may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced.
2.Your account balances are too high. High levels of debt can signal to potential credit or service providers that you are spending more than you can afford. It is a good idea to use your credit cards regularly but remember to keep your balances below 35 percent of your available credit limit. If you have balances above 35-50 percent, you could see your credit score start to drop.
3.Late Payments: Late payments will drop your score. In other words a 90 day late payment is more damaging than 30 days late. Always pay at least the minimum amount on your credit account each month.
4.Too many new accounts: Looking for new credit can equate with higher risk if the enquiries are done across many different industries within a short period of time. Opening several credit accounts in a short period of time affects your TransUnion score. The impact from applying for credit will vary from person to person based on their unique credit histories.
5.Public Record information. Bankruptcies and judgments on your credit report are items of public record that indicate that you did not honour a particular debt obligation. In some cases, such as judgments, it also indicates that the credit or service provider took legal action against you in an attempt to collect the debt. An item in this category will significantly lower your score. Payment of these types of items will not immediately undo the damage to your credit score.
HOW DO YOU IMPROVE YOUR SCORE?
Manage your accounts: Ensure you pay the full instalment owing on each of your accounts on time, every month. For example, paying half this month and the rest the next month will negatively impact on your score. Limit your amount of debt: Keep the utilisation of your current credit facilities to less than 35 percent of your limit. For example, if you have a credit card with R1000 credit, ensure the balance is under R350 at the end of the month.
Address negative listings: Check your credit report for items such as judgments and defaults. Take active steps to settle these outstanding debts and ensure you receive your settlement documentation which can be used to clear your credit record.
Grow your credit history: Maintain a healthy mix of secured versus unsecured credit. For example, store accounts and credit cards versus home loans and vehicle finance. In addition, long-standing credit accounts which are consistently paid on time reflect positively on your credit score. Limit your enquiry activity: Try not to shop around too much for credit at the same time. Too many simultaneous applications could indicate that there has been a significant change in your financial circumstances. Check your credit report - and your credit score - regularly to ensure each consistently paints you in the most accurate and positive light possible.
Please also be advised that we as Transunion have no authority to decline credit applications. We merely provide a credit record to the potential credit provides that you have app**** to. Credit providers use different benchmarks to determine whether you are suitable for a loan or not. You are legally entailed to go to the credit provider that declined your loan and request a written letter outlining the reasons your application was declined by the credit provider.
Importantly, the TransUnion Credit Score is not an endor*****t or a determination of your qualification for a loan and nor does it profess to be. It acts as a personal benchmark against which you are made aware of, and encouraged to improve, your credit behaviour.
Thank you.
What are the main factors that impact my TransUnion Credit Score?
1.Too much debt: Having too much available credit can sometimes harm your credit score. Credit or service providers may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced.
2.Your account balances are too high. High levels of debt can signal to potential credit or service providers that you are spending more than you can afford. It is a good idea to use your credit cards regularly but remember to keep your balances below 35 percent of your available credit limit. If you have balances above 35-50 percent, you could see your credit score start to drop.
3.Late Payments: Late payments will drop your score. In other words a 90 day late payment is more damaging than 30 days late. Always pay at least the minimum amount on your credit account each month.
4.Too many new accounts: Looking for new credit can equate with higher risk if the enquiries are done across many different industries within a short period of time. Opening several credit accounts in a short period of time affects your TransUnion score. The impact from applying for credit will vary from person to person based on their unique credit histories.
5.Public Record information. Bankruptcies and judgments on your credit report are items of public record that indicate that you did not honour a particular debt obligation. In some cases, such as judgments, it also indicates that the credit or service provider took legal action against you in an attempt to collect the debt. An item in this category will significantly lower your score. Payment of these types of items will not immediately undo the damage to your credit score.
HOW DO YOU IMPROVE YOUR SCORE?
Manage your accounts: Ensure you pay the full instalment owing on each of your accounts on time, every month. For example, paying half this month and the rest the next month will negatively impact on your score. Limit your amount of debt: Keep the utilisation of your current credit facilities to less than 35 percent of your limit. For example, if you have a credit card with R1000 credit, ensure the balance is under R350 at the end of the month.
Address negative listings: Check your credit report for items such as judgments and defaults. Take active steps to settle these outstanding debts and ensure you receive your settlement documentation which can be used to clear your credit record.
Grow your credit history: Maintain a healthy mix of secured versus unsecured credit. For example, store accounts and credit cards versus home loans and vehicle finance. In addition, long-standing credit accounts which are consistently paid on time reflect positively on your credit score. Limit your enquiry activity: Try not to shop around too much for credit at the same time. Too many simultaneous applications could indicate that there has been a significant change in your financial circumstances. Check your credit report - and your credit score - regularly to ensure each consistently paints you in the most accurate and positive light possible.
Please also be advised that we as Transunion have no authority to decline credit applications. We merely provide a credit record to the potential credit provides that you have app**** to. Credit providers use different benchmarks to determine whether you are suitable for a loan or not. You are legally entailed to go to the credit provider that declined your loan and request a written letter outlining the reasons your application was declined by the credit provider.
Importantly, the TransUnion Credit Score is not an endor*****t or a determination of your qualification for a loan and nor does it profess to be. It acts as a personal benchmark against which you are made aware of, and encouraged to improve, your credit behaviour.
Thank you.
Best regards,