Role of Credit Bureaus
If you do not meet your credit obligations your creditors could have you blacklisted by a credit bureau. Blacklisting means that negative information has been placed on your credit profile. You can check your credit status online at http://creditrecords.co.za/how-to-clear-your-name-when-blacklisted.
All credit bureaus must be registered with and submit reports to the National Credit Regulator. They must ensure that data is accurate, and that inaccurate information is immediately removed without cost to the consumer after the consumer has lodged a complaint.
The NCA regulations determine how long information should remain on a consumer’s profile (see table below). Every person is entitled to receive one free copy of their credit record each year.
| CATEGORY | DESCRIPTION | PERIOD INFORMATION IS RETAINED ON THE BUREAU | ||||||
| 1. ENQIUIRIES | Enquiries made on consumer’s record | 2 years | ||||||
| 2. PAYMENT PROFILE | Factual information about the payment record/profile of a consumer | 5 years | ||||||
| 3. ADVERSE INFORMATION | Negative information about a consumer’s default on payments | 1 year | ||||||
| 4. DEBT RESTRUCTURING | An agreement where debts are restructured | Until a clearance certificate is issued (when all payments are settled as agreed) | ||||||
| 5. JUDGEMENTS | The earlier of 5 years or when the judgement is rescinded/the creditor abandons the judgement in special circumstances | |||||||
| 6. ADMINISTRATON ORDERS | The earlier of 10 years or when the order is rescinded by a court | |||||||
| 7. SEQUESTRATIONS | The earlier of 10 years or when a rehabilitation order is granted by a court |
