How to use your credit report for a 15-minute debt check in 5 easy steps
Debt doesn’t start as a crisis. It builds slowly. A few store accounts, a credit card, a personal loan, and suddenly the total feels hard to manage. Before long, you could be wondering, “How much debt do I have?”
With Finance365, you can do a quick, personal debt review using your credit report. It’s free, secure and takes less than 15 minutes, helping you answer the question, “How much debt do I have?” and empowering you to take back control of your finances.
What is a debt check?
A debt check is a short self-assessment that helps you to understand what you owe, who you owe it to, and how it impacts your financial health. It isn’t debt counselling or consolidation, it’s a financial health check designed to give you clarity.
Once you’ve done your check, you’ll know:
- How much you owe in total.
- How much you pay every month.
- Whether your debt is growing or shrinking.
Knowing this helps you plan your payments, protect your credit profile, and build your financial confidence.
How to do a debt check in 5 simple steps:
- Get your free Finance365 Credit Report: You can get this instantly with us. It lists every registered account and amount linked to your name.
- List every account and how much you owe on it: Use your report to note every account – credit cards, loans, store accounts, phone contracts, and overdrafts. Seeing everything in one place helps you understand your full debt exposure.
- Include your informal debts: Don’t forget to list any micro loans or unpaid bills that may not appear on your report to your list.
- Compare what you owe to what you earn: Use this simple debt-to-income ratio (DTI) formula: What you need to pay monthly to pay back your debts ÷ How much you earn monthly × 100 = Your DTI %
See which zone you’re in: For example, if you pay R4 000 a month on debt and earn R15 000, your DTI = 27%. Under 30% means you manage your debt well. Over 43% says you’re in too much debt.
Your DTI isn’t your credit score, but it shows how much of your income goes to repaying debt. The two are connected: lowering your debt levels can lift your score over time.
FAQs
Is a debt check free? Yes. Your credit report is free from us any number of times a year and this debt check is something you can easily do yourself.
How often should I do these checks? It’s a good idea to do your debt checks every month and especially when any of your circumstances change.
Is my credit and debt information safe with Finance365? We comply with Protection of Personal Information Act (POPIA), using secure, encrypted systems to protect your data.
Invest in yourself. Give yourself 15-minutes of your day and do your latest debt check. It won’t just keep you informed. It’ll put you in control of your finances.
Making finance simple, we pull all your credit information into one secure dashboard. You can see all your credit accounts, track your payments, understand how your debt status affects your credit score, and get practical tips to improve your financial health check results.
