Consumers can contact credit bureaus to dispute errors or inaccurate information on their credit reports. They need to provide identification, proof of address, and supporting documents. Credit bureaus are required to investigate disputes within 20 days and update the reports accordingly. If the credit provider agrees with the dispute, the information is corrected. If not, consumers can escalate the matter to the credit ombudsman.

In this episode:

• Senzo Lubisi explains that credit providers use credit bureau information to assess payment profile history, recent credit inquiries, fraud information, and affordability. This information is used in conjunction with internal data and bank statements to determine a customer's creditworthiness and ability to repay before approving credit applications.
• Vusi January addresses concerns about data privacy and security, stating that Experian prioritises data protection through employee training, secure data transfers, encryption, and regular testing for potential vulnerabilities.

Take Outs:

1. Regularly check your credit report, at least once a year, to ensure accuracy and identify any potential issues or identity theft.

2. Contact credit bureaus like Experian through their app, website, or consumer care team to access your credit report and score.

3. If you notice any inaccuracies or unauthorized accounts on your credit report, dispute them with the credit bureau and take appropriate steps to resolve the issue, such as contacting credit providers, filing police reports, and following the necessary procedures.

4. Educate yourself on financial literacy and responsible credit management through resources provided by credit bureaus, such as videos, articles, and budgeting tools.