21 Jul 2014

Wonga Ordered To Remove Blacklistings and Judgments

Credit Bureau, Judgments, National Credit Regulator (NCR) No Comments

The National Credit Regulator (NCR) had ordered payday lender Wonga to improve its compliance, after finding the company did not verify the income of its customers.
Wonga was not getting proof of consumer’s income and living expenses to determine whether they could afford the loans they applied for, according to the NCR.

The lender was also apparently not keeping records of documents in support of affordability assessments and the steps taken after consumers had defaulted for the required three years, the NCR said.

The regulator also took issue with the consent to judgments issued by Wonga.

The NCR said it ordered Wonga to submit an audit report and remove adverse credit bureau listings from some of its customers’ records at its own expense.

It also told the short-term lender to rescind judgments taken against clients from whom it had not obtained proof of income and living expenses.

Last month the British unit of Wonga was asked to pay 2.6 million pounds (R45 million) in compensation to 45,000 UK customers after sending them bogus letters from non-existent law firms that threatened legal action.

If you are a Wonga client who has been blacklisted on the credit bureaus or has a judgment against your name, contact LUCID Clear Credit today! LUCID will assess whether Wonga complied with the requirements of the National Credit Act and if not, have the blacklisting and/or judgment removed from your name. CALL NOW 0105905617

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