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February 24, 2015

Can I list a debtor as a bad payer with the credit bureaus?

A credit granting business client can list a business or individual, who has defaulted on payment in accordance with the National Credit Act (NCA) regulations, directly onto the several Credit Bureau Default Listing databases.

This listing will immediately appear on the person's Consumer Credit Report as adverse information under Default listings. In the case of a business, the Default listing will immediately appear on the business's Business Credit Report under Default listings.
Default listings will negatively influence the person or business's credit rating and will reflect on their credit report for a minimum of two years.
These are the steps to follow:
·        In terms of section 72 of the NCA, you are obliged to give your debtor 20 days’ notice of your intention to provide the credit bureaus with any adverse information, and the debtor is entitled to challenge the accuracy of any such information so provided;

·        If, within 20 days, you persist in listing the debtor, it can challenge the accuracy of the information proposed to be reported to a credit bureau or to the National Credit Register.

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