National Credit Regulator releases new regulations and affordability guidelines
August 7, 2014
September 4, 2014
On the 26th of February 2014, the "Amnesty Regulations" became effective. The implications were vast for all registered credit bureaus who were provided with a period of 2 (two) months within which to remove “adverse consumer credit information” as well as “information relating to paid up judgments”. The removal of the adverse consumer credit information was conducted once-off as of the effective date, whereas the removal of paid up judgments is to be conducted on an on-going basis.
The on-going removal of paid up judgments is to be conducted by all registered credit bureaus within 7 (seven) days of receiving such proof of payment from the credit provider. The credit provider is required to submit all information relating to paid up judgments to all registered credit bureaus within 7 (seven) days of receipt of such from the consumer.
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