1 April 2014
Starting today, 1 April 2014, all registered credit bureaux must remove adverse consumer credit information and information relating to paid up judgements from their systems. This is according to the `Removal of Adverse Consumer Information and Information relating to paid up Judgements Regulations, 2014`. The regulations, which were gazetted in Government Notice, No. 37386 on Wednesday, 26 February 2014 by the Minister of Trade and Industry, Comrade Rob Davies, are effective as from today.
These regulations are a new fruit of SACP`s Financial Sector Campaign. The campaign seeks to achieve an overhaul transformation of the financial sector to serve the people. Our other achievements through the Financial Sector Campaign include Mzansi Account, which opened to millions who were denied before, access to banking; National Credit Act; and the National Credit Regulator.
As the SACP we are certain the removal of adverse consumer credit information and information relating to paid up judgements from credit bureaux will go a long way in unlocking the socio-economic potential of many households. The new regulations stand to help address many problems, such as access to housing for instance, which many who would otherwise have been eligible for home loans were denied access because of the adverse credit information and information on paid up judgements held and used against them by credit bureaux and financial services providers.
As the SACP we will deepen our Financial Sector Campaign to achieve more, including the struggle to address the problem of compounded interest rates which make the cost of housing prohibitively exorbitant. The cost of these interest rates in many instances is more than the cost of a single home.
The SACP calls on all people to contact credit bureaux and scrutinise their credit records to ensure that these are wiped out in terms of the new regulations.
Issued by the SACP
Contact:
Alex Mashilo - Spokesperson
Mobile: 082 9200 308
Office: 011 339 3621
Emails: sacpmedia@gmail.com and alexmashilo.sacp@gmail.com