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Issue with Credit

K. Skenjana asked 2 years ago

I had an account at African Bank and at FNB. I then lost my job and was blacklisted. Now I’m working again. I managed to settle my account with African Bank. I also went to FNB to arrange payment, but they said my account there has been paid by the bank, so they can’t accept any payment for that because I don’t owe them as per their system.

Now I’ve been applying for a loan because I’m getting married soon, and all my applications have been declined. What can I do to get a loan now? I’m frustrated. I seriously need help.

1 Answers
Matthys Potgieter Staff answered 2 years ago

Hi there,
 
Thank you for getting in touch.
 
Always remember that you have a right to ask why your credit application has been declined. The credit provider is then obliged by law to give you the information.
 
I would also advise that you first find out why you are being declined for credit. The first step is to pull your credit record. You can check your credit record with any credit bureau. TransUnion is the best, so we would suggest pulling your record there. By law you are allowed to pull your credit record for free once a year. Here is a link to TransUnion’s site.
 
Also keep in mind that there are 4 major credit bureaus. TransUnion, Experian, XDS and Compuscan. It can be that some of these other credit bureaus have not yet updated your profile, so it would be advisable to check your score with all of them.
 
Once you have your credit record you will be able to see where the problem is.
 
Kind regards.