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I learned from Compuscan credit report that I hv outstanding…

Customer Question
Hi Pearl, I learned...

Hi Pearl, I learned from Compuscan credit report that I hv outstanding payments owing on my Standard credit card. I closed all my acc with Standard more than 2years ago and did manage to pay all the pending I did owe. I'm not in SA at moment and I've been trying to solve this issue via email without no success at all. I've been in circles and still do not know who exacly can assist me. I just need to reconfirm if is there any monies I still hv to pay that I did not know abt and to clear my name ASAP. Can you help me somehow? Thank you, EABFernandes

Lawyer's Assistant: When did this issue begin?

2 days ago when I got the Compuscan report

Lawyer's Assistant: Has anything been filed or reported?

Not that I know abt

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No...thank u

Submitted: 9 months ago.Category: South Africa Law
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Answered in 12 minutes by:
8/1/2017
Lawyer: CaseLaw, Attorney replied 9 months ago
CaseLaw
CaseLaw, Attorney
Category: South Africa Law
Satisfied Customers: 1,691
Experience: BCom; LLB; Masters in Law
Verified

Hi there and thank you for your question,

I will try to assist you with your legal question but please feel free to ask as many follow up questions in order to clarify your initial question. If you have a new question, you must please open a new thread.

The only people who can assist you are Standard Bank. They would be able to tell you if your accounts were closed, and if not, what the settlement balance is on your accounts. They would also be the only ones who could remove your details from Compuscan.

You need to contact Standard Bank to deal with this issue.

Compuscan would not have been provided with any information about the "bad debt". They would have just been told by Standard Bank that there is an outstanding balance of XXX on your account. They would simply act on that information.

If you don't come right with Standard Bank, my advice is that you report this matter to the Ombudsman for Banking Services. Their complaint form is available on their website: http://www.obssa.co.za/ Just ensure that you complete it with as much information as you can, and submit it. Keep any reference number that you receive safe!

You could hire a lawyer to represent you and visit Standard Bank with a power of attorney, but that will be a costly exercise because most lawyers work on an hourly basis.

If my answer hasn't provided you with enough clarity regarding your initial question, please send me a REPLY with follow up questions so that I can continue to assist you in this same thread for as long as you need. Let me know if you need more advice - don't just rate my answer as "bad".

If my are HAPPY with my answer then please click one of the STAR ratings or the SMILEY FACES to rate my answer!

Good luck and best regards,

CaseLaw

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Customer reply replied 9 months ago
Thank you for your prompt reply.
In my case Standard was paid in full more than a year ago.
After paid in full, Isn't there a time limit they have to remove the name out of the credit bureau?
KRegds
Lawyer: CaseLaw, Attorney replied 9 months ago

The question often arises as to whether information can be removed from a bureau after the debt to which that information relates, has been paid in full.

Credit Bureaus are regulated by various laws, codes, policies and constitutions. The Credit Provider Association’s (“CPA”) constitution and the National Credit Act (NCA) specifically deals with the question raised above.

Section 14.6.8 of the CPA Constitution prohibits the removal of data even though the data refers to a debt that has been paid in full. In the event of a consumer having defaulted on payment and subsequently having settled the outstanding debt, the default information can only be updated to “Paid in full”. However, the fact that payment has been missed in the past will remain on the consumer’s profile.

Furthermore, section 70(d)(d) of the National Credit Act (NCA) requires that credit bureaus “retain consumer credit information reported to it for the prescribed period, irrespective of whether that information reflects positively or negatively on the consumer”.

Regulation 17(1) of the General Regulations to the NCA further states that “consumer credit information may be displayed and used for credit scoring or credit assessment for a maximum period as indicated”.

Adverse classifications of consumer behaviourSubjective qualifications of consumer behaviour.1 year

One of the core functions of a credit bureau is to provide information to credit grantors that assist with the credit granting decision making process. Specifically, the information supplied has predictive value for credit risk and affordability assessments and therefor plays a valuable role in the decision making process.

It is imperative that the information that is being considered during the credit application is as complete as possible and it should be factually correct due to the predicative nature of adverse information. Should the information be removed prior to the retention period coming to an end, it will negatively influence the information available to the credit grantor when making credit risk assessments and could lead to an increase in the granting of undesirable credit.

Information that is factually correct must therefore remain on a consumer’s record for the full data retention period.

There are some contact details on this page if you want: https://www.compuscan.co.za/legal-updates-removal-of-adverse-information-that-was-listed-at-a-credit-bureau/

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Customer reply replied 9 months ago
Thank you very much for your detailed information.
I didn't explain myself very clearly. English isn't my first language.
I understand and agree that credit bureaus keep your records. It benefits consumers and creditors.
What doesn't make sense to me is that once paid in full, like my case, they don't inform the credit providers?
Shouldn't they give accurate information to the bureaus in a limited (7 days)time? What happens when they don't?
There are not so good consequences for the consumer.
Also after a year of all paid in full and closed accounts one have "run" after reconfirmation and statements and then implore them to inform bureaus of credits is not right!
Lawyer: CaseLaw, Attorney replied 9 months ago

If you were listed, and then you settled your account, Standard Bank should have then waited for 1 year and then instructed the credit bureau to remove the information from your profile. If they didn't, then what you should do (step 1) is to contact Standard Bank and demand that they do so. If you can't get any luck with them, then (step 2) is to contact the credit bureau directly and state your case for the removal of the information. They should comply if the time periods are such that the information is required to be removed.

If my answer hasn't provided you with enough clarity regarding your initial question, please send me a REPLY with follow up questions so that I can continue to assist you in this same thread for as long as you need. Let me know if you need more advice - don't just rate my answer as "bad".

If my are HAPPY with my answer then please click one of the STAR ratings or the SMILEY FACES to rate my answer!

Good luck and best regards,

CaseLaw

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