CREDIT REPORTS

You need to check your credit reports held by the credit bureaus to find out if you are eligible for the credit information amnesty – formally known as the “removal of adverse consumer credit information and information relating to paid-up judgments” – which was implemented this week.

Although the amnesty applies automatically to all affected consumers, and the onus is on credit bureaus to clear your record if you qualify, the National Credit Regulator (NCR) is advising you to check your reports yourself.

In a statement issued by the regulator, NCR chief executive Nomsa Motshegare says that, as of this week, all registered credit bureaus (listed below) will have to remove, within two months, the following “adverse” consumer credit information:

Subjective classifications of consumer behaviour, such as delinquent, default, slow-paying or absconded.
Enforcement action taken by credit providers. This includes classifications such as handed over for collection or recovery, legal action or written-off.
Details and results of disputes lodged by consumers against credit providers, irrespective of the outcome.
Adverse consumer credit information in your payment profile represented by means of any mark, symbol or sign.
Paid-up judgements- meaning any civil court debt judgements, including default judgements, where you have settled the capital amount. Information relating to paid-up judgements will be removed on an ongoing basis from now on.

Motshegare advises that, if there are judgements against you, you settle these debs and then send proof of payment to the credit bureaus. This will allow the credit bureaus to verify and then remove information relating to these judgements, she says.

“Consumers are urged to check their credit records held by credit bureaus and to settle amounts owed on judgements as quickly as possible, so that they can benefit from the process.”

Motshegare says the main purpose of the removal of adverse credit information is to give consumers a clean slate.

“We want to encourage consumers to maintain a clean credit record to allow them to regain access to affordale credit, rental accommodation and employment. “This initiative does not seek to remove the consumers’ obligations to repay their debts, but seeks to create the incentive for consumers to repay their debts more diligently and in a more timely fashion.”

Your payment profile will remain on your report, to help credit providers when assessing your applications for credit.

You are, by law, entitled to one free credit report a year from each of the 13 registered credit bureaus. You can contact them on the following numbers:

TransUnion: 0861 482 482
Experian SA: 0861 105 665
Xpert Decisions Systems: 011 645 9100
Compuscan: 0861 514 131:
Consumer Profile Bureau: 010 590 9505
Crosscheck Information Bureau: 010 590 9505
Inoxico: 010 001 0540
LexisNexis Risk Management: 011 245 6500
Managed Integrity Evaluation: 012 644 4000
Robertsons International Reports: 011 777 4000
Tenant Profile Network: 086 187 6000
Tenant Watch Business Activities: 011 394 6828
Medical CreditWatch: 0861 000 694