Family members are often afforded certain privileges in relation to one another. This includes access to confidential information - but does this extend to ascertaining creditworthiness?
We find out whether you’re allowed to access a family member’s credit report, and we consider whether you will be informed if someone views yours.
Tip: Encourage your family to regularly view their credit report via a free platform, such as CreditSav.
Access is only allowed for “prescribed purposes”
Sameer Kumandan, managing director of SearchWorks, a South African data aggregation platform, says that credit bureaus will only allow you access to your own credit report.
“There are checks in place, such as facial recognition, passwords, security questions, and ID confirmations, to protect your information,” says Kumandan.
Third-party platforms, on the other hand, will afford you access to another person's credit report - but only under certain conditions, as set out in the National Credit Act.
“You need to have explicit consent from the individual to access their report,” Kumandan says, “and it has to be done for one of the purposes prescribed in the act.”
Specifically, you may gain access with consent, as long as the person applies, or signs up for, any of the following:
- A job that specifically relates to finance and the honest handling of money,
- Any form of insurance,
- Fraud detection and prevention services,
- Revolving credit, such as store cards, credit cards, or cell phone contracts,
or if the person:
- Needs to be reached with regards to unclaimed funds, such as insurance claims,
- Needs to be traced in regards to one of their credit agreements,
- Is a subject in an investigation regarding fraud, corruption, or theft, or
- Chooses to do an affordability assessment.
Kumandan explains that third-party access to a credit report is strongly discouraged unless it’s required in terms of a transaction, or in strict accordance with the National Credit Act.
If you’re curious about your family members’ creditworthiness, it’s best to tell them directly and ask them whether they would be comfortable sharing their credit score with you. If they are not, you need to respect their decision.
Are you able to see who’s viewed your credit report?
If you’re wondering about a family member’s creditworthiness, then they may have wondered about yours too. But would you be able to see whether they, or a third party, have accessed your report?
Kumandan says that a “footprint” is left on your credit report to show you who has accessed your profile. However, he emphasises that the footprint is bureau-specific.
“This means that if an enquiry was done via Credit Bureau A, and you access your record via Credit Bureau B, you will not see the enquiry,” says Kumandan.
“If you access your credit report and you do not recognise a party that has made an enquiry, you are encouraged to immediately log a dispute with the relevant credit bureau,” he adds.
View your credit report through CreditSav to find out which companies have accessed your credit score.