As a consumer with credit, knowing your credit score is important. Unfortunately, many of South Africa’s 23.1 million potential lendees don’t have a clue what their credit score is, but now it’s easily accessible through any mobile phone.
According to debt management firm, Debt Rescue, more than half of South African lendees have a bad credit record and are struggling to pay off their accounts. Being oblivious to a bad credit score can lead to legal action being unknowingly taken against a borrower and affect their prospects of accessing more credit.
Local credit bureau, TransUnion has launched a USSD service which lets anyone access their credit score from any mobile phone.
The service was launched to consumers help understand and manage their credit so they can take control of their finances. It could also help consumers avoid approaching scam credit listing websites.
Usually, accessing your score can be a tedious process commonly done over the phone or online, which means many consumers who can’t afford to buy airtime to spend on long phone calls or don’t have internet access, cannot do so easily.
With a USSD service, you can access your score from as little as R5 and help inform your financial decisions.
To use the TransUnion USSD service, dial *120*8801# using the number linked to your credit profile. You’ll need to register by verifying your identification by entering your ID number.
You’ll then receive an OTP number to confirm your registration. By law, you are entitled to one free credit score check a year.
You can then opt to see your credit score compared to the scores of other lendees listed with TransUnion at a cost of R5, latest account status (R10), credit summary (R10) and your full credit score (R15).
[Source – Times Live. Image – CC stevepb]