Identity fraud is a growing problem in South Africa, and unfortunately many people only discover it when it’s already caused serious damage. At Phoenix Bonds, we’ve seen cases where clients only realise something is wrong when they apply for a home loan and the bank pulls their credit report.

Instead of finding a clean record, they’re shocked to see accounts and debt they never opened - all linked to their name and ID number. By then, the fraud can delay or even derail their bond application.

How Identity Fraud Happens

Criminals don’t need much information to impersonate you - an ID number, date of birth, and sometimes an address is enough. With those details, they can:

• Open store accounts;
• Take out personal loans or credit cards;
• Sign cellphone contracts; and
• Rack up other debt under your name.

Because the accounts and statements are often linked to fake addresses or phone numbers, you may not know about the fraud until a credit check exposes it.

Why You Should Regularly Check Your Credit Report

Every South African is entitled to one free credit report per year from the credit bureaus (TransUnion, Experian, Compuscan, or XDS). Checking your report allows you to:

• Spot unfamiliar accounts early;
• Correct errors or fraudulent entries; and
• Protect your financial reputation before applying for credit.

Get Prequalified Before You Buy

One of the smartest steps you can take before house-hunting is to get prequalified for a bond. Prequalification includes a credit check and affordability assessment.

This process not only shows you what you can realistically afford, but it also flags any problems on your credit record. That means you have time to fix issues before you submit a full home loan application with the banks.

What To Do if You Suspect Identity Fraud

• Report it to SAPS/SAFPS immediately and open a case;
• Dispute fraudulent accounts with the credit bureaus;
• Inform your bank and creditors to flag your profile; and
• Keep detailed records of all correspondence and case numbers.

Use an Experienced Bond Originator

Identity fraud can happen to anyone - and it can stand in the way of buying your dream home. By checking your credit report regularly and getting prequalified through Phoenix Bonds, you can protect yourself and ensure a smoother, faster bond approval process.

✅ At Phoenix Bonds, we help clients spot issues early, guide them through prequalification, and work with the banks to secure the best possible home loan.