Free Credit Bureau Report

by Cornell University Library

Credit Bureau In South Africa Functions And Obligations

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 consumer’s 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.

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Boundaries provide information about consumers to banks, retailers, and other credit providers to help them get an idea of the consumer’s 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.

From www.BrokenCredit.com, Ms. Chi Chi Wu, Staff Attorney for the National Consumer Law Center, holds nothing back in this two-minute clip from last Tuesday’s Full Committee Hearing on “Consumer’s Ability to Dispute and Change Inaccurate Information”. Millions and millions of consumers “victimized by errors from faceless computer generated” reports, she testifies. Perfunctory investigations…the definition of accuracy…conformity to truth…conformity to reality…flaws…money talks…”the only thing that will force the bureaus to fix their system is vigorous enforcement of the FCRA”. Get ‘em Chi Chi!!!!

Question by Gobbledygook: Does requesting a free credit report from the three agencies lower your score just because you asked for it?
I think I’ve heard that credit inquires(for seeking loans,etc.) of the 3 credit bureaus results in lowering the score and is cumulative. The more inquires such as home buying, auto purchase, major appliance or personal loans the lower the score goes each time. If this is true, does it also apply to personal requests for the gratuitous annual credit report?

Best answer:

Answer by gailforce_wind
No, that request is exempt and cannot be seen by potential creditors.

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A New Horizon Credit Counseling Reports Consumers Choose To Pay Credit Cards vs. Mortgage

Credit Counseling – 800-556-1548

Fort Lauderdale, FL (PRWEB) August 09, 2011

A study just released by the credit reporting bureau TransUnion shows a shift in consumer credit card paying habits as a result of the recession. The new pattern finds consumers more likely to pay their credit card charges before they pay their mortgage; and this trend has occurred for the last three years in a row. Steven Stark, General Counsel and COO for A New Horizon Credit Counseling Services, stated “This just confirms what we have seen among our clients; they would prefer to default on their over leveraged mortgages in favor of paying off their credit card balance.” Stark added, “This change in the traditionally expected payment priority is clearly related to home devaluation and high unemployment”.

The study found that the new payment pattern has become increasingly popular among consumers, with the percentage of consumers who are delinquent on their mortgages and current on their credit cards rising to as high as 7.4 percent in Q3 2010 (from 4.3 percent in Q1 2008). Conversely, the percentage of consumers who are delinquent on their credit cards and current on their mortgages decreased to its lowest level ever at 3.03 percent in Q4 2010. This rate had been at 4.1 percent in Q1 2008.

Not unexpectedly, the lowest credit-scoring segment continues to be the highest number of consumers delinquent on their mortgages. The rate for consumers in this segment who were delinquent on their mortgages but current on their credit cards during Q4 2007 was just over 19 percent, but rose to 30.4 percent in Q4 2010.

However Stark cautions, “we have also noticed that while consumers have struggled to remain current on their credit cards, these balances continue to grow steadily larger for a significant majority of the same population that has been hardest hit by unemployment and failed businesses during the recession. Anyone finding themselves in this pattern should consult with a reputable credit counseling agency to review what options are available to them”.

A New Horizon Credit Counseling Services is a nonprofit debt management organization that has been helping consumers with debt consolidation since 1978. For more information about their programs, contact 1-800-556-1548. They can also be found on the web at http://www.anewhorizon.org, or reached via email at slieberman(at)anewhorizon(dot)org

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Question by Vianey M: Does anyone know where I can obtain a free credit report, from one of the three main credit bureaus?
Without having to do it online (I don’t want to give credit card info).Main credit bureaus: Experian, Equifax, Trans Union.

Best answer:

Answer by Maximus
you don’t have to give an ascribe card to get a loose ascribe report, just go to freecreditreport.com

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Question by jagan13: Whom do I report to take a legal action against a credit bureau?
I am having trouble with the Equifax Credit Bureau.They are not updating my current address on my credit file though I applied for credit from my new address which eventually changed the address on my credit file in Experian and Transunion.I also have faxed them a proof of my current address with a copy of my photo ID and also a letter clearly requesting them to update my address.I am having a lot problem lately for renting a car or leasing an apartment and almost everything that involves an attribute check and every commercial organization request a credit report from Equifax which in my case they are not able to get because of the outdated address on my file.

Best answer:

Answer by Michael
Try this – http://www.ftc.gov/bcp/menu-credit.htmIt is the Federal Trade Commission…I think you can file a complaint with them…

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