How to clear default listing from your credit record

A guide to remove the Default/Adverse listing(s) from your credit records.

Before the year 2007, consumers had limited rights. Companies used this limitation to their advantage. Things changed to better the consumer powers through the National Credit Act 34 of 2005 when it became law in July of 2007. Since the Act consumers have been slowly getting acquainted with their rights. The National Credit Regulator worked tirelessly to ensure that all credit providers and credit bureaus are informed with the law and rights consumers have. But there are still credit providers that are exploiting the consumer’s lack of awareness and purposefully transgress the law.

Consumers are not aware that 99.9% of the time, the credit provider has transgressed few sections of the National Credit Act by adding a default listing on the consumer’s credit record.

A typical transgression most consumers don’t know is when applying for credit. You may notice that you have default listing on your record added by your credit provider. You then approach the provider and settle the debt with the hope the listing will disappear. However the revised listing claims the account was settled, FULL PAID CONSEQUENT TO LISTING.

Default Listing status is meant to be kept for 2 years on your record whether paid in full or not. You can remove this sort of listing on your credit record. You may consider the following questions to help you remove the listing.

  1. Was any notification in writing sent to you from the creditor stating their aim to list your default payment on the credit bureau?
  2. Was a 20 days notification sent to you in writing of the imminent listing of your account on the credit bureau?

If you have answered No to question number 1 and 2, you have a firm ground to stand on. You know for certain that your consumer rights have been broken. The credit provider has transgressed the law provided for by the

National Credit Act. Its within your rights to object to the listing. Challenge the listing with the credit bureau. It will become the task of the Credit Bureau to launch an inquiry to the claim and investigate the credit provider. The credit bureau has 20 days to finish all investigations into the claim and give feedback and an answer. Your Default Listing will be revoked from your credit records when the declaration is made.

The process is simple to act upon. When uncertain on an issue, it’s advisable to seek professional help. It must be stated that as simple as it seems, there can be hiccups and problems along the way for cancellation of administration. There are different organizations involved, it will not be as easy as going to court and coming out with an order to rescind the administration. Keeping time and dates is very important. Information you provide has to be accurate and acceptable to the authorities that process this work.

CCPA is the Official Credit Bureau Clearance Agency and are experts in Consumer Law. You can request more information and advice from them. For a private quote email quotes@creditrecords.co.za .

Attach both your Transunion and Experian Credit Reports when you request for a quote.

Leave a Reply