Credit Amnesty: Millions of South African Consumers Score
Cape Town – About 3.1 million South Africans had benefitted from regulations allowing for the removal of adverse consumer credit information, according to Trade and Industry Minister Rob Davies.
Asked by Tozama Mantashe, an ANC MP, what was the status regarding the implementation of the regulations and how he intended to manage the issue relating to the retention period to avoid a repeat of this kind of intervention, Davies said: “The regulations have been implemented and adverse information removed from the credit records of consumers.
“The paid-up judgments are being removed from consumers’ credit records on a continuous basis upon settlement of the judgment. The effective date for the removal process was 1 April to 31 May 2014,” he said.
At least 3.18 million consumers had benefitted from the removal process “according to the statutory data submitted to the NCR (National Credit Regulator) by the registered credit bureaus”, the minister reported in a parliamentary reply.