Credit Bureax - periods that records may be kept - posted by TPN Credit Bureau

This is undated but apparently correct today   18 march 2018

CREDIT BUREAU INFORMATION RETENTION PERIODS REDUCED

The new National Credit Amendment Act and Regulations makes it possible for negative and adverse information to be removed on settlement of the debt. The Regulations prescribe that:

71A (1) The credit provider must submit to all registered credit bureau within seven days after  settlement by a consumer of any obligation under any credit agreement, information regarding such settlement where an obligation under such credit agreement was the subject of-

• An adverse classification of consumer behavior:
• An adverse classification enforcement action against a consumer:
• An adverse listing  recorded in the payment profile of the consumer: or a judgment debt

(2) The credit bureau must remove any adverse listing contemplated in subsection (1) within seven days after receipt of such information from the credit provider

The Regulations have also reduced some of the retention periods. It provides that consumer credit information as per the following table must be displayed and used for purposes of credit scoring assessment for a maximum period from the date of the event, as indicated

NEW PRESCRIBED TIME LIMITS FOR RETAINING INFORMATION AT THE      CREDIT BUREAU
Categories of Consumer Credit Information	Description	Maximum Period
1.       Details and results of complaints lodged by consumers	Number and nature of complaints lodged and whether a complaint was rejected. No information may be displayed on complaints that were upheld.	6 months
2.       Enquiries	Number of enquiries made on a consumers record, including the name of the entity/person who made the enquiry and a contact person if available.	1 year
3.       Payment Profile	Factual information pertaining to the payment profile of the consumer.	5 years
4.       Adverse classifications of enforcement action	Classification related to enforcement action taken by a credit provider .	1 year or until the debt is settled as prescribed in section 71A
5.       Adverse classifications of consumer behaviour	Subjective classifications of consumer behaviour.	1 year or until the debt is settled as prescribed in section 71A
6.       Debt Restructuring	As per section 86 of the Act, an order given by the court or Tribunal.	Within the period prescribed in section 71(1) of the Act or until a clearance certificate is issued.
7.       Civil court judgments	Civil court judgments including default judgments.	The earlier of 5 years or until the judgment is rescinded by the court or abandoned by the credit provider in terms of section 86 of the Magistrates Court Act 32 of 1944 or until the debt is settled as prescribed in section 71A of the Act
8.       Maintenance judgments in terms of the Maintenance Act 99 of 1998	As per the court judgment.	Until the judgment is rescinded by a court
9.       Sequestration order	As per court order.	5 years or until rehabilitation order is granted
10.    Rehabilitation order	As per court order .	5 years
11.    Administration Order	As per court order .	5 years or until order is rescinded by court