DCASA ~ Consumer Newsletter
A guide for Consumers about Debt Counselling and Finance 6th Edition DCASA Consumer Newsletter
Impact of the Consumer Credit Information Amnesty Regulation.
DTI published Regulations in February 2014 to order the removal of adverse consumer credit information. What is Adverse Credit Information? Delinquent, default, slow paying , absconded and not contactable.
Enforcement action which includes: handed over, legal action or written off.
Payment profiles which includes any mark, symbol or sign.
Disputes lodged by Consumers.
Action required by different parties Credit Bureaus
All adverse Consumer Credit Information. Information on paid up Judgements.
Time frame for removal:
Two months after 1 April 2014.
On removal of information must notify all Credit Bureaus within 3 days. On receipt of notice as set out above other Credit Bureaus must remove similar adverse information within 3 days. No record of removed information may be kept.
Paid up Judgements:
Submit info relating to paid up Judgements to all Credit Bureaus within 7 days after receiving last payment. If no adverse credit info and paid up Judgements info submitted previously this has to be done within 7 days after 1 April 2014. Not use adverse credit Information and info relating to paid up Jugdgements that has been removed. Cannot resubmit information that was removed in terms of this Regulation.
Remove all adverse information relating to paid up Judgements as well as future paid up Judgements.
All adverse Consumer Credit information and all information regarding paid up Judgements is removed. This, in theory, will enable affective Consumers to apply for new credit unless they are currently under Debt Review. For Consumers under Debt Review this means an additional clean-up once all debt has been repaid. This process will commence on 1 April 2014 and has to be completed by 31 May 2014. This amnesty is automatically applicable to all affected Consumers. Once this information is removed no Credit provider may use the removed information again at any time in the future.
What does this mean for Consumers?
This Regulation only removes adverse information and the Consumer remains responsible to repay all credit agreements. No debt whatsoever is written off in terms of this Regulation.
Additional motivation for Consumers to improve Credit Record In future pay all debt repayments on time.
Actively repay Judgement Debt. Once repaid this information will be removed from Credit Bureau.
Tel: 086 143 2272
Don’t wait - make arrangement to repay all debt.