You need to phone the relevant credit bureau and ask for a copy of your bureau report. As per the National Credit Act, you are entitled to one free credit report per year. If you want another report within the same year, you need to pay an administration fee of approximately R20.00 per credit report.
If there is any information you are disputing on your credit profile or want to be updated / removed, you need to phone the relevant credit bureaux, complete your application form and send the bureau the required signed forms and your evidence as soon as possible. The bureau will supply you with a reference number. Allow them 20 working days to resolve your complaint. If you are not happy with the outcome of their investigation then call us on 0861 66 28 37 for assistance – we will be glad to assist you where possible, free of charge.
Blacklist is a misleading term, which came about when credit bureaux only kept negative information. In the 1980’s, following international trends, credit grantors are now encouraged to also share positive information about their customers, as this facilitates access to credit. The perception that credit bureaux only keep negative data is therefore not true. For example, about 60% of the information held on credit bureaux is positive information. One cannot be blacklisted but can be part of the 40% who have a negative notation. The data is not divided into good and bad it is all on one comprehensive database.
Credit bureaux do not grant credit, but credit providers do. Credit providers would use the information provided by credit bureaux in conjunction with their own credit granting policies and industry regulations to determine whether you qualify or not for credit.
A default means you are in default of your obligations i.e. you have failed to make the payment as per your agreement. A default is held on the system at credit bureaux for two years and is then automatically removed.
Retention periods explained:
Paying a default account in full, does not automatically qualify for the removal of the listing; however the credit grantor will be obliged to update the information on the credit bureaux that the consumer has paid the total amount outstanding.
Should there have been circumstances beyond your control which lead to the default listing, the CO can investigate such. Please note that you must always follow the complaints process.
A judgment is a court order requested by your credit provider when you have not paid your debt. A legal process is followed before a judgment is issued. A summons is issued to the individual. The law stipulates that the summons does not necessarily have to be issued to the individual in person but can be issued to the individual’s domicilium (where the individual lives or where the consumer has agreed that notices maybe served in the event of a breach of contract). The summons informs the individual of the court appearance and allows them to come forth to represent themselves. Where an individual fails to appear the judgment is issued in default. The judgment is held on the system of credit bureaux for five years and is then automatically removed.
Judgments qualifying for amnesty >>
When you have not honoured your agreement with a credit provider, they will then add a default (adverse) listing to your credit bureau report. Each credit grantor has its own debt collection policies. Credit bureaux contracts stipulate that in order for a credit provider to submit a default:
In order to:
Credit bureaux do not infringe on privacy. The credit bureaux hold the following information on their system:
The time period the data must reflect on your credit bureau report is determined by the National Credit Act of 2005. The Act.
Credit bureaux will not remove judgment unless it has been rescinded in the court of law or if you qualify under the National Credit Act in terms of Amnesty, Sect. 73 which regulates when the judgment data can be removed. As per the National Credit Act, default data remains for a period of two years and the credit provider must add a paid up notice to your default listing.
When applying for credit, you give consent to the credit provider to share your application and subsequent account handling information with the credit bureaux.
You need to report it to the police. Make an affidavit and obtain a case number. To safe guard yourself, you need to fax the affidavit and case number through to the South African Fraud Prevention Service who will note that your ID has been stolen and monitor its use.
The Credit Ombud encourages you the consumers to access your credit profile at least twice a year to see what is reflecting. Should there be information reflecting on your credit profile which you suspect was a result of your lost ID, you need to first go to the credit provider concerned and request them to investigate identity theft. Should they not be able to resolve your complaint, you then need to lodge a complaint at the relevant credit bureau who will investigate. Should the credit bureau not be able to resolve your complaint, then you need to complete the complaint form on the CO website.
Credit bureaux are private organisations who offer this service to the consumer. Since the implementation of the National Credit Act of 2005, you are entitled to receive one free credit report from a credit bureau per year. All you need to do is call the credit bureaux.
If you have lost your job it is important that you inform your credit providers of your financial situation in writing. Make an alternative arrangement on the payment. Should you be able to come to an alternative payment agreement, it must be put in writing.
If you sign for a contract then it will reflect in your name and not in your mother’s name. Failure to pay the amount as per the agreement could result in a default listing or a judgment being taken against you. Therefore never open up an account for someone else.
A garnishee order is a court order which gives your credit provider the right to attach part of your salary to pay off your outstanding debt.
The Act (NCA) specifies that a consumer can withdraw from an installment sale, secured loan or lease agreement at any time by returning the goods to the credit provider. When the consumer returns the goods to the credit provider, the credit provider is expected to sell them and credit the consumer’s account with the proceeds of the sale. If the proceeds from the sale are more than the consumer’s debt, the credit provider must refund any surplus to the consumer. If the proceeds are less that the consumer’s debt, the consumer is obliged to pay the outstanding amount to the credit provider within 10 days. (Sect 127)
This is a court order granted by a Magistrates Court at the request of you the debtor or a credit provider, provided that your debt does not exceed R 50 000. The order examines your financial position and appoints an administrator to whom you make regular payments. These payments are divided proportionately amongst your creditors as listed on your order. An administration order remains on your credit record for a period of 10 years or 5 years from the date of rehabilitation whichever date comes sooner, and can be removed from the credit bureau prior to the 10 year period as soon as the order has been rescinded.