At the halfway mark of the year, it’s the perfect time to pause, reflect, and review your credit health. Just like you’d go for a medical check-up, a credit health check helps you spot issues early and stay financially fit.
Here’s how to do a thorough mid-year credit check in South Africa, using free tools like Splendi.
1. Get Your Latest Credit Report
Start by accessing your full credit report from a trusted source. In South Africa, you’re entitled to one free credit report per year from each major credit bureau like XDS, TransUnion, and Experian. On Splendi, you can check your profile for free anytime and download a PDF version for a small fee if needed.
Check for:
- Incorrect personal details (ID number, address, phone)
- Duplicate or unfamiliar accounts
- Judgments or defaults that you weren’t aware of
- Outdated debt that may be prescribed
2. Look at Your Credit Score – But Dig Deeper
Your score gives you a quick snapshot, but don’t stop there. Pay attention to the details behind it:
- Are your accounts up to date?
- Do you owe more than 35% of your credit limit?
- Have you applied for credit too often in recent months?
Even a “good” score can hide risky trends that might affect future applications.
3. Review Your Payment History to Identify Credit Health Issues
Late payments are one of the biggest factors impacting your credit score. On your report, check the payment profile section, it shows how consistently you’ve paid overtime.
Look for:
- Missed payments (coded as “1”, “2”, etc.)
- Paid-up accounts (coded as “P”)
If you’ve fallen behind, it’s not too late. Catching up and sticking to payments for the rest of the year will help improve your credit profile over time.
4. Check for Prescribed or Settled Debt
Debt can become prescribed if no payments or contact have been made in three years (for most unsecured debts) and there has been no legal action. If you find prescribed debt still showing on your report, you can dispute it on Splendi.
Also, make sure any debts you’ve settled are reflected correctly. Credit bureaus don’t update the status unless a credit provider reports it.
5. Make a Plan to Fix What Needs Attention
Once you know what needs work, create a plan:
- Set reminders to pay on time
- Reduce debt little by little, starting with high-interest accounts
- Avoid applying for new credit unless necessary
- Monitor your profile regularly using Splendi
A mid-year credit check helps you stay in control and avoid surprises when applying for credit later in the year. Visit Splendi to check your credit profile and start improving your financial health today.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Splendi does not provide personalised financial, investment, legal, or tax advice. Always consult with a qualified financial advisor for guidance tailored to your individual circumstances.
