Improving your credit bureau business data has benefits beyond an improved credit rating
30 September 2015
Credit bureaus play an important role in economic growth and stability, housing a wealth of information that helps credit providers to be more responsible in their lending practices. This, in turn, helps consumers and businesses to ensure they do not overextend themselves by obtaining credit they cannot afford. However, when it comes to ensuring their information at the credit bureau is complete and up to date, many small businesses are reluctant to update their information. There are many incorrect perceptions behind this trend, chiefly driven by misunderstanding of the role of the credit bureau. The reality, however, is that having an accurate credit profile can be a powerful business tool. Providing as much detail as possible and updating this information on a regular basis can help small businesses to grow and further their contribution towards the South African economy.
