How Many Credit Bureaus Are There in South Africa?

You might have heard of credit bureaus, and how their three-digit numbers can dictate your financial agency, but do you know how many we have in South Africa? Our nation has the big four: XDS, TransUnion, Experion, and Compuscan. Did you know we have a handful of small ones, like CreditBoost? You can use CreditBoost‘s free online credit checker to see your score in minutes!

This post will outline the number of credit bureaus we have and their respective similarities and differences. We’ll also discuss how they work and paint a picture of their place in South Africa’s context. Lastly, we’ll go over why credit bureaus are such a huge piece of our financial landscape. Let’s jump in!

The Function of Credit Bureaus

A lot of people have heard of what a credit score or report is, but don’t know who the credit bureaus are and how they work. The bureaus keep track of your payment history, utilisation ratio, and lines of credit. They use your behaviour and history to create your credit score. This figure tells creditors, landlords, insurers, and other entities how financially responsible you are, helping them make decisions about whether they should trust you with their money.

Types of Credit Bureaus

There are 55 credit bureaus in our country, ranging from full member credit bureaus to reseller credit bureaus.

Full Member Credit Bureaus

Experian, a full member credit bureau.

Full-member bureaus have the widest reach to access data, and so have a fuller picture of your credit history. Under the NCA (National Credit Act), they are under stringent regulations. South Africas full member regulation members include: CPB (Consumer Profile Bureau), Experian, TransUnion, VeriCred, and XDS (Xpert Decision Systems).

Intermediate Member Credit Bureaus

TPN, an intermediate member credit bureau.

Intermediate member credit bureaus have more limited roles and typically focus on areas of tenant screening for the Tenant Profile Network and MIE (Managed Integrity Evaluation), both of which are bureaus.

Reseller Credit Member Bureaus

Searchworks 360, a reseller credit bureau.

Reseller credit bureaus don’t have access to the same data sources as primary member bureaus. Instead, they purchase information from the bureaus, which are authorised to hold consumer data as per the NCR’s guidelines (NCR is the National Credit Regulator). They still have to follow guidelines to keep information safe.

Some reseller bureaus include Credit IT Data Risk Management Solution, Lexis Nexis Risk Management Services, Searchworks 360, and Africa Credit Bureau.

The NCR says that there are 55 credit bureaus in South Africa. If you would like the full list, head to the NCR’s website.

If you need help with credit clearance, judgment removal, or debt review removal, give us a shout. We would love to help you regain financial freedom.