How to Check Your Credit Score in Botswana

Your credit score represents your financial wellbeing. It’s used by credit providers to determine the risk associated with lending money or extending credit. 

A high credit score is the key to more favourable repayment terms and lower interest rates on home loans, car loans and personal loans.

Does Botswana have credit scores?    

All consumers in Botswana have credit scores. According to the Credit Information Act of 2021, credit providers are legally bound to share information with credit bureaus.

Credit bureaus use this information to calculate credit scores. They assess the consumer’s existing and past loan amounts and repayment history to arrive at a numerical score.

Batswana who repay their loans, credit card debt and retail store accounts in full and according to the agreed terms have a higher credit score than those who don’t.

Why is it useful to know your credit score?    

Your credit score is a financial tool. It can have a positive or negative impact on your ability to buy a house or car, rent accommodation or cover your valuables.

By knowing your credit score, you can get a better idea of the interest or insurance premium you should be paying before applying for a loan or signing a policy. That way, you’re assured of getting a fair deal.

Knowledge is power. It gives you the opportunity to improve your credit score by paying off existing debt and managing your day-to-day finances better. This can make it easier and cheaper to borrow in the future.

Ways to check your credit score in Botswana    

International credit bureaus, like Experian, TransUnion and XDS, offer free credit scores online. You’ll need to sign up and create an account at the official website to submit a request.

How to check the credit score for a business in Botswana    

You can choose to pay various operators for a credit report on a business in Botswana, including Experian, AiAfricaplc, CompanyDocuments.com and Creditreform. 

However, this can be comparatively expensive and will depend on what information is available.

Getting a loan without a good credit score    

It can be a struggle to secure a loan if you don’t have sufficient credit history or have a weak credit score.

At Lamna Botswana, we offer short-term loans against personal and business assets – vehicles, boats, luxury watches, artworks and antiques.

As the funds we lend are secured by one or more high-value items you own, your credit score and financial history is irrelevant.

We don’t share information with credit bureaus and your dealings with us have no impact on your ability to qualify for future loans or lines of credit.

Now you know how to check your credit score in Botswana. For more information about using a personal or business asset to get a loan in Gaborone, contact us online or call 71 388 088.