SA: Black listed? Check your name
June 26 2007 at 01:29PM
More than 25 million people are listed at one or more credit bureaus, the National Credit Regulator (NCR) said on Tuesday.
Peter Setou, NCR senior education and strategy manager, said in a statement that the data from credit bureaus registered with the National Credit Regulator indicated that more than 25 million people were listed in South Africa.
Eighty percent of the consumers listed had clean records while 20 percent or about five million consumers had one or more adverse or default judgment entries against their names.
Setou said these were the so-called black-listed consumers. Early indications showed that more than a third of them stood to benefit from the removal of adverse data as required by regulations. It was important for consumers to check their credit record at credit bureaus.
He said the National Credit Act required credit bureaus to remove information on a number of small debts and paid up judgements by June 1 this year.
He said that since [continue reading]