Frequently Asked Questions
Will I get my payments back?
No, you don't get your payments back.
How long will it take to appear on my credit file?
Bits will appear on your Experian credit file 6-8 weeks after you sign up.
Is Bits safe to use?
Absolutely! (Bits is registered with the Information Commissioner’s Office - registration number ZA507202).
What is Bits?
Bits is a credit building service. Use it if you are interested in building or improving your credit
I have bad credit. Can I still use Bits?
Yes, you can, but Bits is not for everyone. There are some circumstances in which you would be better off not applying for any new credit - including Bits. For example, if you have a recent CCJ, IVA, or bankruptcy; if you are heavily indebted, or behind on bills; or if you are generally struggling to make ends meet. You can always reach out to us discuss your circumstances in more detail by emailing email@example.com.
How do I sign up?
Can I change my payment date?
Yes, you can do this in the app. Click on ‘Settings’ and then ‘Change my payment date.'
How do I change my billing details?
How do I cancel?
Send us an email to firstname.lastname@example.org or Whatsapp us directly from the app.
How do I pay off my Bits account balance?
If I miss a payment, will it affect my score?
Yes, if you're unable to pay on time, it could negatively affect your score.
How do I get help?
You can always email us at email@example.com if you need assistance.
I’m unable to reset my password
I signed up but didn’t get any emails
How do I speak to you?
You can book a call with a Bits team member here: https://calendly.com/getbits
Will deleting the app cancel my account?
No, deleting the app won't cancel your Bits account. To cancel, open the app, click on "Settings", then "Change my plan".
Why can’t I see Bits on ClearScore?
ClearScore uses Equifax for their credit reporting, whereas Bits is currently partnered with Experian only.
How can I track my score?
To track your score, you can download the Experian app. If it's affordable for you, you might want to consider purchasing Experian Credit Expert.
Can I use my partner’s card to pay?
Sadly, no - the card you pay with has to be in your name. This is to make sure that we comply with Experian’s rules (and the law).
Why did my score drop when Bits was added to my file?
As with all credit accounts, it's not uncommon for your score to drop a little when your Bits account is first added to your credit file. This is usually only a small amount, and is only temporary.
What is rental reporting?
Can I stop my rent payments being reported?
You can remove permission for rent reporting at any time by emailing firstname.lastname@example.org.
My renting details have changed. How can I update this?
What happens if I miss a rental payment?
You need to make sure that you pay your rent. If you miss a rental payment, this could have a negative effect on your credit score.
Why do I have to renew rent reporting?
Is open banking safe?
You can find more information on how Plaid ensures the safety of your data here - https://plaid.com/safety/.
Which credit bureaus do you report my rent to?
Do I have to pay more for rent reporting?
When will my rent payments first show on my credit report?
It can take up to 8 weeks from when we track your first rental payment before it shows on your Equifax credit file.