ITC Credit Bureau Records For Consumer Payment Histories
The ITC Credit Bureau in South Africa must be registered with the National Credit Regulator (NRC) and submit annual compliance reports to the NCR. The National Credit Act 34 of 2005 regulates the extension of credit in the country, registration of debt counsellors, and also the way such a company records, keeps, and makes consumer credit information available.
They are often the first place that the credit provider will contact to get consumer spending and payment history.
It is an essential resource for the providers in South Africa where they can obtain vital consumer information including any records of non-payments, the consumer's debt review status, judgements against the consumer, records of late payments, and a general overview of consumer's profile.
Banks and financers as well as stores make extensive use of such services to quickly assess whether a consumer is blacklisted or is a general debt risk. If a consumer is already over exposed to debt, the credit provider on the grounds of the ITC Credit Bureau listing may refuse to extend a loan to the consumer.
As an alternative, the credit provider may provide such, but normally then asks a higher interest rate. This helps the credit provider to recover as much of the money as possible within the first part of the repayment period minimizing the risk of financial loss because of bad debt by the consumer.
So these checks can thus be performed by creditors to also see whether the consumer is employed, how long the consumer has been employed, for which debts there are records at the ITC or another Credit Bureau, and what the personal contact details of the consumer are.
Businesses in South Africa rely heavily on ITC Credit Bureau information when having to decide whether or not to extend credit to a consumer.
Questions and Answers
If you have been blacklisted then you will know that living in today's economic climate is rather tough. If you need a new car or want to buy a house you will have to put those dreams on hold. This is because without ITC clearance you will not be able to access finance so easily. You might be in a situation whereby you have been unable to pay school fees for your child and need an urgent loan for this.
Many South African consumers face the prospect of not being able to pay their debt at the end of the month. Each month the bills mount up and this can give people the feeling that there is no solution to the situation.
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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.
They investigate complaints by for instance, consumers about reckless lending practices by credit providers, non-compliance with regulations of the Act by for instance, debt counsellors, and unethical practices followed by credit providers in the country. The also, research credit spending, oversees policy development and education regarding credit and debt in the country.
NCR debt help is regulated by the South African National Credit Act No. 34 of 2005. Seen by many as a life saving act in terms of consumer protection against reckless lending practices by credit providers in the country, the Act has also made provision for the establishment of the NCR for debt help and credit control.
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