National Credit Act, 2005 (Act No. 34 of 2005)RegulationsRemoval of Adverse Consumer Credit Information and Information Relating to Paid Up Judgments Regulations, 20143. Submission and utilisation of adverse consumer credit information by Credit Providers |
| (a) | A credit provider must submit all information relating to paid up judgments to all registered credit bureaus within seven (7) days of receipt of such payment from the consumer. |
| (b) | A credit provider who had not submitted all adverse consumer credit information and information relating to paid up judgments required for the purposes of these Regulations to registered credit bureaus as at the effective date of these Regulations, must submit such remaining adverse consumer credit information and information relating to paid up judgments to the registered credit bureaus within seven (7) days after the effective date of these Regulations. |
| (c) | If the credit provider fails to submit the adverse consumer credit information for listing within seven (7) days contemplated in Regulation 3(b) it must not proceed to list such information with a registered credit bureau. |
| (d) | A credit provider must not use adverse consumer credit information and information relating to paid up judgments that have been removed in terms of these Regulations for any reason, including credit scoring and assessment. |
| (e) | A credit provider must not re-submit for purposes of listing adverse consumer credit information and information relating to paid up judgments that were removed in terms of these Regulations to any registered credit bureau. |