Debt Counselling by:

 

 
Credit Bureaus / Credit Reports

There are twelve bureaus in South Africa and different creditors use different bureaus.

o Click HERE to download the list of registered credit bureaus in SA: Click on registered

When you apply for debt counselling, your debt counsellor loads your information onto a program, where the NCR and credit bureaus download the information every day from the program (NCRDebthelp program).

There is a flag, indicating YES/NO, which the credit bureaus activate to YES, when you apply. This is to prevent that you apply for more credit, while you are under debt counselling, and paying off your debt.

o This is for many consumers a problem, as they are not allowed to apply for more credit under debt counselling. The truths is that, if any of your accounts are in arrears or you are a blacklisted as a slow payer, you will in any case not get any credit even if you are not under debt counselling.

o If a creditor gives you credit, while your other accounts are not up to date, and you do not have a good credit record, they can be taken to court for reckless credit. More and more loans will not solve your debt problems, so if you need more credit to pay your other debt with, you are only digging yourself in deeper!

When you have paid off your debt and we issue a clearance certificate, the flag will be activated to NO, and all negative credit information will be removed within five (5) days. There will be no indication that you were under debt counselling and because your accounts are no longer in arrears, when a new agreement was negotiated with your creditors, you will build up an excellent new credit record.

A consumer is allowed to draw ONE FREE CREDIT REPORT every year, from every credit bureau. Even if you do not have any default accounts, draw an account and make sure the information the credit bureaus have loaded onto your record is correct.

o Click HERE to download a free ITC report:

o Click HERE to download a free Experian report:

CREDIT BUREAU REGULATIONS

o Click HERE to download the Credit Bureau Regulations:

This also indicates how long a Credit Bureau can keep your information on your credit report.



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Debt Counsellors SA | Debt Consolidation | Debt Counselling | Debt Management | Debt Problems | Loans | Bad Debts | Blacklisted  
 
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