Your credit score is important because credit providers use it to rate your credit worthiness. It's calculated using the information on your credit profile, including account information, your payment history, adverse information, public records and enquiries (requests by credit providers to view your credit report). It is a summary of both positive and negative factors that predicts how likely you are to honour your future credit agreements. Your credit score will however differ at each of the registered South African credit bureaus as they are calculated differently at every institution.
The Affordability Assessment Service uses the consumer’s income (Gross and/or Net), calculates their Necessary Expenses (at a minimum, the minimum living expenses as required in terms of Regulations); it evaluates the consumer’s total monthly debt repayment obligations and returns the consumer’s available income (Discretionary Income) which will indicate the consumer’s ability to fund the proposed credit instalment in terms of a new credit agreement.
It calculates the consumer’s discretionary income as follows:
VerifyID's Pricing is based on credits, 1 credit = R1.15. You purchase credits within the system and then with your credits you can purchase the available Searches and Services. Each service costs a variant of credits for example a Express Credit Score costs 10 credits or R 11.50.
| Service | Description | Credits | Rands |
|---|---|---|---|
| Express Credit Score | Quick Consumers Credit Scores | 15 | R 17.25 |
| Experian Affordability Assessment | Automatic determination of a consumer’s Gross Income | 15 | R 17.25 |
