A credit bureau, South Africa based must be registered with the National Credit Regulator (NCR) which is responsible for the enforcement of the National Credit Act No 34 of 2005. The registered credit bureau in South Africa can be described as a firm that is registered to collect information and updates of the credit spending and payment of a consumer.
As such this institute creates records of the consumers credit history including the effective management of credit by the consumer.
Any such bureau operating in South Africa must, when registering with the NCR, indicate the purposes for which it will gather consumer credit information and to which types of companies the registered bureau will supply information. It must furthermore stipulate the standards used to ensure data accuracy.
Boundaries provide information about consumers to banks, retailers, and other credit providers to help them get an idea of the consumers ability to pay debts and manage such.
For this purpose a credit bureau can collect information about judgments against a consumer, blacklisting, debt review status, employment status, contact details, current and past debts and records of non-payment, debit order bounces, cheques not cleared, fraudulent actions, and late payments.
Consumers have the right to file complaints regarding records at a credit bureau, South Africa based. The first step is to contact them to correct information on their records. If the complaint is not addressed the consumer can contact the Credit Information Ombudsman or the NCR for assistance.
In essence then, the credit bureau in South Africa has as function collection of consumer credit information and must comply with the regulations of the National Credit Act enforced and overseen by the NCR. Its purpose is not to spy on consumers, but rather to protect credit providers against reckless debt creation. Recommend Credit Bureau In South Africa Functions And Obligations Issues
Question by : do the credit bureaus share information with collection agencies? when I was 19 I got into a lot of debt and couldn't pay it off. I'm in a different place in my life now that i'm 24 and I want to fix my credit and pay off my debt. How ever I want to do it on my terms. If I request my credit report from the credit Bureau (experian equifax and trans union) will they report my information such as current address to the collection agency? Best answer for do the credit bureaus share information with collection agencies?:
Answer by SPIFIMAN1
No they don't. But if you enter different information then what is currently on your report the information will be updated on your reports so if the collection company looks at your report after you do this the updated information Will be there.
Answer by A Hunch
Credit Bureaus have members (financial institutions, collections agencies, property management firms, etc) these members have access to your information - if you are a creditor of theirs. If you update your addess, the collection agency is not going to get notified of the change in your address. The collection agency can look anytime they want and see the change in address.
Answer by Lynne
Have a non-profit credit counseling agency help you
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