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Consumer Credit Information Overview

Consumer Credit Information Overview. Cape Town. Introducing Consumer Information What do we do?. Where does Experian source its data?. Account information from nearly all companies that offer credit, such as banks, clothing and furniture stores. Payment

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Consumer Credit Information Overview

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  1. Consumer Credit Information Overview Cape Town

  2. Introducing Consumer InformationWhat do we do? • Where does Experian source its data? Account information from nearly all companies that offer credit, such as banks, clothing and furniture stores. Payment information from debt recovery companies. Public information from South African courts on civil judgments, sequestrations and administration orders.

  3. Important facts • Experian Credit Bureauprovides credit grantors with information on how consumers manage their credit commitments so that they can quickly make fair, consistent and responsible decisions about granting credit. • Experian does not make the decision on whether or not to grant credit. • The decision is made by the credit lender based on their own credit granting policy, which could take into account credit bureau information.

  4. Enquiries • 83 Million Enquiries • Each time a credit grantor enquires on a consumers name a “footprint” is left • Each enquiry is date stamped • Enquires are retained for a period of 2 years

  5. Default Information - Under the NCA • 4.1 Million Default Details • Data collected from credit grantors on consumers who have not conducted their accounts responsibly. • Credit grantors are required to give 20 Business days notice of intent to list with the credit bureau.

  6. Default Information - Under the NCA • Adverse/Default information of enforcement is retained for 2 years: • Written off • Repossession • Credit Card Revoked • Handed Over/ Legal • Adverse/Default information of behaviour is retained for 1 year: • Experian/ Non- CPA adverse • Cheque account misconduct • Settled • Absconded

  7. Account Information • 101 Million Account Information Details (CPA and NLR) • Credit grantors provide repayment history on how consumers conduct their account payments • Repayment history is stored on our database for 3 years

  8. Account Information

  9. Judgements • Judgements remain valid on the credit bureau for 5 years, unless rescinded • Copy of the rescission notice must be provided to the bureau in order for the judgement to be removed

  10. Notices – Sequestrations/Rehabilitations • Sequestration is normally granted when an individuals debts exceeds their assets (normally no income is being received) • A sequestrated individual cannot apply for credit or operate as a director/member of a company/cc • Sequestrations remain valid on the credit bureau for a period of 10 years, if rehabilitated, the notice remains for an additional 5 years • All negative information, prior to the Rehabilitation date is removed

  11. Sequestrations/Rehabilitations

  12. Collections • 183, 000 Collection records • Snyman & Partners supply their collection data to Experian exclusively • Collection data remains on our database for 2 years

  13. The National Credit Act • Right to apply for credit, but not to receive credit • Protection against discrimination in credit granting • Right to reasons for credit being refused • Right to information in plain and understandable language • Right to receive documents • Right to confidential treatment • Right to access information held by credit bureaux and the National Credit Register, to demand investigation of disputed information, and correction of erroneous information

  14. Consumer Rights • A consumer is entitled to a free copy of their credit report annually, should they require further copies a charge of R22.80 applies • Should a consumer dispute the accuracy of credit information, the Bureau must investigate • The disputed information will not be displayed until resolved, Should the dispute not be resolved within 20 business days, the disputed information will be removed off the consumer’s profile until such time that it is resolved. • A dispute flag will be returned on the credit report under Notices.

  15. Debt restructure • Consumers who are considered to be unable to satisfy, in a timely manner, all obligations under the credit agreements to which the consumer is a party to. • A consumer can apply for his/her debts to be restructured / • Creditors can apply for a consumer to be placed under Debt Restructuring • For more information, please go to www.ncr.org.zaand select Debt counselling.

  16. CreditExpert • An online product that provides consumers with online access to their Experian credit report and enables CreditExpert customers to receive credit report alerts that notify them of any changes to their credit record: • One month’s free online access to your Experian credit report • CreditExpert - Purchase your credit report for another month • Monthly CreditExpert – A copy of your credit report sent to you via email or fax, every month. • Annual CreditExpert – annual online access to your report. • CreditManager – monitors your credit report and alerts you of critical changes.

  17. NATIONAL CREDIT ACT 34 0F 2005 – OBLIGATIONS ON CREDIT BUREAUX

  18. Useful Contacts

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