Different Credit Providers and/or Financial Institutions will check one or both or all credit records to assess the ‘risk’ of the borrower (consumer) before they can make a decision whether to grant a loan/finance or not. The information on each credit bureau records will vary to a certain degree at all times because the Credit Bureaus receive information from various Credit Providers in order to update the status on the consumer records. The reason for this is that Credit Providers do not use all or same Credit Bureaus to update consumer information or list negative information; as such they will only update or list on their preferred Credit Bureau. The Credit Bureaus are independent of each other and do not share information!
In South Africa at present we have over 20 Credit Bureaus, but the major credit bureaus are Experian; Transunion; Compuscan & XDS..