Your credit report typically holds the following information:
A list of your credit accounts. This includes bank and credit card accounts as well as other credit arrangements such as outstanding loan agreements or utility company debts. They will show whether you have made repayments on time and in full. Items such as missed or late payments or defaults will stay on your credit report for at least five years.The problems we have found on Credit Reports is SCARY
1. information being incorrect
2.The credit balances being inflated
3. Account has reached In-Duplum
4. Debts being prescribed
5. Banks and Retailers using the credit report to do affordability ” This is Reckless”
6. Credit Life still running on default balances
7. many more mistakes
Section 70(2)(c)of the NCA applies: take reasonable steps to verify the accuracy of any consumer credit information reported to it;
How to remove your debt review status:
Debt Review Status An application for rescission of the granted debt review Court Order requesting that the consumer be declared no longer over-indebted at the Magistrates Court with the relevant jurisdiction.
(b) This application for rescission must advise the Court that the consumer had been found over-indebted by the Magistrates Court and a copy of Court Order is to be attached as an annexure.
(c) The application for rescission must advise the relevant Magistrates Court that the consumer is no longer over-indebted and must include the consumer’s financial circumstances at that time in motivation of the aforesaid.
(d) The application for rescission must further advise the relevant Magistrates Court that the consumer no longer needs to be under debt review. The Consumer Tribunal has a different process. “ To be discussed in the next Issue”To Be Discussed In The Next Episode Part 2 Removal Of Debt review
What is Administration Order?
An administration order is a Court Order made by the court to consumers who are unable to pay their debt and whose total debt does not exceed R50 000. An administrator, who is appointed by a court, is empowered to take control of the consumer’s financial affairs and manages the repayment of debts due to creditors.