Your rights when you dispute an adverse listing on your credit record

When did you last check your credit record? According to figures from credit bureau Transunion, just one in three people check their records on a monthly basis.

A credit score is basically a number - from 0-743 or 0-999 depending on the credit bureau, used by banks or other businesses to determine how much of a risk it would be to lend you money.

The higher your score, the better your chances of getting credit.

Consumer ninja Wendy Knowler describes your credit record as your financial ID, which could impact your ability to rent an apartment for example, or to get a home loan.

RELATED: How to improve your credit score and why it's important

Check firstly that your personal details are correct - you might find an old address listed for example, and that the listings you have are correct. You could also find that you've been a victim of ID fraud, in which case you must immediately get protective registration from South Africa's Fraud Prevention (SAFPS), Knowler says.

"There are a huge number of people that are sitting with prescribed debt on their credit records which is actually illegal - this could result in a lower score which means you could be rejected for a credit application because of something that should NOT be sitting on your record."

Knowler cites the example of CapeTalk's Lester Kiewit, who's just discovered that he was listed by a debt collection legal practice for a 2013 Edgars debt, and when he pointed out that this debt was long prescribed and should therefore be removed, the phone was seemingly put down on him.

Many consumers are not actually aware of the extent of their legal rights when it comes to contesting things that should not be on their record, she says.

Summarising the latest National Credit Regulator (NCR) guidelines issued in December, Knowler notes that while you may submit supporting documents when you dispute a listing, the primary duty to locate credible evidence actually rests with the credit bureaus and data suppliers.

"So, they have to prove to you that the listing in dispute deserves to be on your record and, if they can't, they have to remove it WITHIN 30 DAYS of a dispute."
In the words of the NCR, 'evidence must consist of objective, factual records and not opinions or unsupported assertions'.

During that 30-day investigation process, credit bureaus are required to temporarily mask the disputed information.

Knowler also points out that you're entitled to one free credit check a year, but as we have four credit bureaus, you can get a free check technically every three months.

For more detail, listen to the interview audio at the top of the article