CREDIT AMNESTY
The Credit Amnesty or its new official name “Removal of Adverse Consumer Credit Information and Information relating to Paid Up Judgements” does not spell doom and gloom for the credit bureau industry or our members.
It is technical, it will impact us, but quality credit vetting decision can still be made - join TPN for an in-depth look at how the Credit Amnesty will affect credit making decisions and data listing going forward. Click here to RSVP: • Durban, 12 March 2014 • Johannesburg, 19 March 2014 • Cape Town, 20 March 2014
It is true the term “Credit Amnesty” is a short, punchy name; but many would argue not reflective of the actual meaning of the “Removal of Adverse Consumer Credit Information and Information relating to Paid Up Judgements”. So I will now refer to the “Regulations”.
Importantly the Consumer remains liable to the Credit Provider for all debts owed – the Regulations do not extinguish the debt.
Let’s take the glass half full stance and list what these Regulations do not apply to. They do not apply to: • Administration orders • Emolument orders • Sequestrations and rehabilitation listings • Judgements which have not been paid up • Payment profile or rental payment profile.
The Regulations apply to: • All adverse listings as at the effective date (1 April 2014). These are defaults listed on the credit bureau by a member of the credit bureau after giving the consumer 20 business days’ to remedy a non-payment breach • Disputes regarding adverse listing • Any adverse information contained in the [rental] payment profile • All paid up judgements (effective immediately and on an ongoing basis)
Significantly, payment profile and rental payment profile data remains intact on the credit bureaus – it is imperative our members continue to load their tenant and rental payment profile data on all tenants every month.
Please click here to read the full Regulations: Removal of Adverse Consumer Credit Information and Information relating to Paid Up Judgements
Warm regards,
Michelle Dickens Managing Director
T | 0861 876 000
F | 0861 876 329 E | michelle@tpn.co.za
W | www.tpn.co.za
NCR Registration: NCRCB08
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