Recently, certain developments in the credit industry have taken place, the purpose of this communication is to provide further information for you and your business in this regard.
What has been affected? These developments will impact credit reports of consumers and certain juristic entities falling within the threshold set in the National Credit Act, 2005 (NCA). Two areas that will affect credit reporting are the Removal of Adverse Consumer Information and Information Relating to Paid Up Judgments Regulations (the Regulations), which came into effect on 1 April 2014. For more information regarding the Regulations please refer to the attached communication. The other is the National Credit Act Amendment, which has been promulgated, although the commencement date is still to be finalised.
Specifically, what will be impacted? The most important changes brought about by these developments are: • the ongoing removal of all paid-up judgements in terms of the Regulations; • the removal of all paid-up adverse information going forward, based on the Credit Act Amendment.
Continued Compliance Please refer to the attached communication for a detailed explanation of how these developments will affect the data you submit to TransUnion, as well as what information will no longer be reflected on credit reports after the commencement date.
If you have any questions in this regard please your sales consultant
Regards,
TransUnion Compliance