Checklist: Building a strong personal & business credit profile in South Africa

This checklist provides key actions to establish and maintain a good credit profile, which is essential for securing business loans, supplier credit, and financial growth.

Category	Action Item	Status (✔ / ✘)
Personal Credit Profile (South Africa)
Check your credit score	Obtain your credit report from bureaus like Old Mutual, TransUnion, Experian, XDS, or Compuscan (Free once a year from each)
Correct errors	Dispute inaccuracies with the credit bureau under the National Credit Act (NCA)
Pay bills on time	Ensure timely payments on loans, credit cards, and store accounts
Reduce debt levels	Keep your credit utilisation below 30% to improve your score
Maintain a mix of credit accounts	Have a balance of secured (home/car loans) and unsecured credit (credit cards)
Avoid excessive credit applications	Too many applications create multiple hard inquiries, reducing your score
Keep old credit accounts open	A longer credit history strengthens your profile
Build credit if you have none	Apply for a secured credit card, retail account, or credit-building loan
Check if you're under debt review or administration	If applicable, ensure it's resolved before applying for new credit
Business Credit Profile (South Africa)
Register your business with CIPC	Choose a legal structure (Sole Proprietor, Pty Ltd, etc.) and register via the Companies and Intellectual Property Commission (CIPC)
Obtain a business tax number	Register for an Income Tax number with SARS (South African Revenue Service)
Open a business bank account	Keep personal and business finances separate  (Nedbank offers SME accounts)
Establish a business address	A professional business address (not personal) helps credibility
Apply for a business credit card	Start with a small limit to build a repayment history
Build trade credit with suppliers	Request credit terms from suppliers who report to credit bureaus
Pay business accounts on time	Late payments negatively affect your business credit score
Monitor your business credit score	Check your profile with credit bureaus like Experian Business or TransUnion
Maintain good financial records	Keep up-to-date bookkeeping and financial statements
Apply for business financing wisely	Start small (overdraft, microloan) before applying for large credit
Consider joining a business credit bureau	Register with South African business credit bureaus for visibility

✅ Why This Matters: A strong credit profile helps secure funding, get supplier credit, and grow a sustainable business in South Africa. Taking these steps improves financial credibility and long-term business success.