The credit amnesty was a once -off event in 2014 similar like the land claims process which came to a dead standstill. The effect of the credit amnesty was to remove all adverse information from a consumer’s credit record held at the credit bureaus as at 1st April 2014 by 1st June 2014. All paid up judgements had to be removed from a consumer credit record/ profile.
This was not a true reflection it is for this reason that we embarked on an aggressive consumer education campaigns. Without consumer education there will be no effective credit regulation in this country. We came across thoussand of record and or information which were never remove/ delete.
Clearly, some institutions are in bridged of rules and regulations and or in the provisions of Regulation 17 of the National Credit Act. Coming to the retention periods, in other words the maximum display period of consumer credit information was amended accordingly from two years to one year.
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