National Credit Act, 2005 (Act No. 34 of 2005)RegulationsRemoval of Adverse Consumer Credit Information and Information Relating to Paid Up Judgments Regulations, 20142. Requirements, processes and timeframes for Credit Bureaus |
| (a) | A registered credit bureau must remove: |
| (i) | adverse consumer credit information defined in Regulation 1, as reflected on a consumer's records held by any such registered credit bureau as at the effective date of these Regulations; and |
| (ii) | information relating to paid up judgments on an ongoing basis. |
| (b) | A registered credit bureau must remove adverse consumer credit information and information relating to paid up judgments as contemplated in Regulation 2(1) within a period of two (2) months from the effective date of these Regulations. |
| (c) | Before the expiry of the period of two (2) months contemplated in Regulation 2(b), a registered credit bureau may request an extension of not more than seven (7) days for the removal of adverse consumer credit information and information relating to paid up judgments. |
| (d) | A request for an extension contemplated in Regulation 2(c) must be submitted to the National Credit Regulator at seven (7) days before the expiry of the two (2) months period contemplated in Regulations 2(b). |
| (e) | Within three (3) days of removing the adverse consumer credit information and information relating to paid up judgments in terms of these Regulations, a registered credit bureau must notify all other registered credit bureaus of such removal. |
| (f) | Within three (3) days of receiving notification contemplated in Regulation 2(e), any such registered credit bureau must remove similar adverse consumer credit information and information relating to paid up judgments from its records. |
| (g) | A registered credit bureau must not record or retain on its register adverse consumer credit information and information relating to paid up judgments if such information were removed in terms of these Regulations. |
| (h) | A registered credit bureau must ensure that during the period contemplated in Regulation 2(b), the adverse consumer credit information and information relating to paid up judgments that ought to be removed in terms of these Regulations is not displayed or provided to credit providers, or any person requesting such information. |
| (i) | After the two (2) months period mentioned in Regulation 2(b), a registered credit bureau must continue to remove information relating to paid up judgments within seven (7) days after receiving proof of such payment. |