CREDIT BUREAU UPDATE

PLEASE UPDATE CREDIT BUREAU FOR ALL MY ACCOUNTS I HAD WITH YOU: Section 71A (1) of the National Credit Act that states:

71A. (1) The credit provider must submit to all registered credit bureaux within seven days after settlement by a consumer of any obligation under any credit agreement, information regarding such settlement where an obligation under such credit agreement was the subject of—

(a) An adverse classification of consumer behaviour; (b) An adverse classification enforcement action against a consumer; (c) An adverse listing recorded in the payment profile of the consumer; or (d) A judgement debt.

(2) The credit bureau must remove any adverse listing contemplated in

Subsection (1) within seven days after receipt of such information from the Credit Provider.

(3) If the credit provider fails to submit information regarding a settlement as contemplated in subsection (1), a consumer may lodge a complaint against such credit provider with the National Credit Regulator.