National Credit Act, 2005 (Act No. 34 of 2005)RegulationsRemoval of Adverse Consumer Credit Information and Information Relating to Paid Up Judgments Regulations, 20144. Reporting and Monitoring |
| (a) | A registered credit bureau must within one (1) month after the period contemplated in Regulation 2(b) submit to the National Credit Regulator an audit report conducted by an independent auditor containing the following information: |
| (i) | Confirmation that all adverse consumer credit information and information relating to paid up judgments contemplated in these Regulations have been removed. |
| (ii) | Recommendations, if any, of appropriate measures to be implemented by the registered credit bureau, including timeframes for implementation, to ensure full compliance with these Regulations in the event that gaps were identified. |
| (iii) | A plan for the implementation of systems and procedures to assist the registered credit bureau to prevent adverse consumer credit information and information relating to paid up judgments, that have been removed in terms of these Regulations, from being listed again. |
| (b) | Within three (3) months of receiving the report contemplated in Regulation 4(a), the National Credit Regulator must submit a report to the Minister on the effectiveness and compliance with these Regulations. |
| (c) | The National Credit Regulator must monitor the implementation of these Regulations, including the removal of information relating to paid up judgments on an ongoing basis. |