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.
“People are under the impression that banks will no longer have any adverse credit information against their names – this is simply untrue,” says Kate Thambiran, MD of LUCID Clear Credit.
The credit bureau statistics indicate that consumer performance is holding steady, the acting CEO of the National Credit Regulator, Nomsa Motshegare said.
This means that the credit bureau must investigate the validity of the information, that it publishes, with the courts or credit providers. Credit bureaus cannot make this the obligation of the consumer – that is unlawful.
14 836 disputes were lodged about the accuracy of information, of which more than 6 000 had been resolved in favour of the complainant and only 847 had found the information could remain unchanged.
If you have previously defaulted on your rental payments and are blacklisted on the credit bureau database, you are unlikely to secure that new home, if your prospective landlord screens you on TPN.
TransUnion credit bureau, like all registered credit bureaus, is legally compelled to disclose this information to you. Furthermore, you are entitled to challenge the accuracy and validity of the information.