| (1) |
The credit provider must submit to all registered credit bureau 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 |
| (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. |
| (3A) |
The National Credit Regulator must submit proof of the following decisions or orders, together with the date on which the suspension or limitation ends, where relevant, to credit bureaux within two business days of that decision or order being made: |
| (a) |
A rejection by the National Credit Regulator or Tribunal of an application for debt intervention; |
| (b) |
an order of suspension made in terms of section 87A(2)(b)(i), as well as any extension of the order; |
| (c) |
an order limiting the rights of the consumer under section 60 as contemplated in section 87A(8); or |
[Section 71(3A) inserted by section 9 of Notice No. 1081, GG 42649, dated 19 August 2019]
| (3B) |
Credit bureaux must remove a listing related to debt intervention within seven days from the date of receipt of proof of a decision contemplated in subsection (3A)(a) or as may be applicable from the date— |
| (a) |
indicated by the National Credit Regulator as being the date on which the suspension contemplated in subsection (3A)(b) ends, unless the National Credit Regulator submitted further proof of— |
| (ii) |
the imposition of a limitation contemplated in section 87A(8); or |
| (b) |
indicated by the National Credit Regulator as being the date on which the limitation contemplated in subsection (3A)(c) ends, whichever is the later date. |
[Section 71(3B) inserted by section 9 of Notice No. 1081, GG 42649, dated 19 August 2019]
| (3C) |
Notwithstanding subsection (3B) credit bureaux must remove a listing related to debt intervention within seven days from receipt of proof of a rehabilitation order contemplated in section 88B(7). |
[Section 71(3C) inserted by section 9 of Notice No. 1081, GG 42649, dated 19 August 2019]
| (3D) |
In the event that a credit provider or debt intervention applicant disputes the information submitted by the National Credit Regulator in terms of subsection (3A), that credit provider or debt intervention applicant may apply to the Tribunal to resolve the disputed information and if the Tribunal is satisfied that the information is erroneous, the Tribunal may make any appropriate order to correct the information that gave rise to the dispute. |
[Section 71(3D) inserted by section 9 of Notice No. 1081, GG 42649, dated 19 August 2019]
| (3E) |
Every credit provider who is affected by an order contemplated in section 87(1A) or 87A must, within seven business days from the day on which the order was served on the credit provider, amend the affected credit agreement in accordance with that order and submit the amended consumer credit information to credit bureaux in the prescribed manner and form. |
[Section 71(3E) inserted by section 9 of Notice No. 1081, GG 42649, dated 19 August 2019]
| (4) |
For the purposes of this section— |
| (a) |
'adverse classification of consumer behaviour' means classification relating to consumer behaviour and includes a classification such as "delinquent", "default", "slow paying", "absconded", or "not contactable"; and |
| (b) |
'adverse classification of enforcement action' means classification relating to enforcement action taken by the credit provider, including a classification such as "handed over for collection or recovery", "legal action", or "write-off". |
[Section 71A inserted by section 22 of Act No. 19 of 2014]
Statistics Act, 1999
