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Cape Town - The Tenant Profile Network has abused provisions pertaining to the handling of credit bureau information, the National Credit Regulator (NCR) announced on Wednesday.
The NCR issued a compliance notice to the Tenant Profile Network for breaching the National Credit Act (NCA).
"Consumer protection standards on credit bureau information set by the NCA are extremely valuable in achieving a fair, transparent and sustainable credit market in South Africa," said NCR CEO Nomsa Motshegare.
"The NCR is committed to ensuring that these standards are upheld by all registered credit bureaus operating in the country," she said.
An investigation conducted by the NCR found that Tenant Profile Network is issuing credit reports for purposes not permitted by the NCA.
In addition to not resolving consumer complaints within the 20 business day timeframe prescribed, it also does not provide consumers who have challenged the accuracy of the information reported to or held by Tenant Profile Network with evidence to support the challenged information.
"In order to address these areas of non-compliance, Tenant Profile Network is required to take steps as set out in the Compliance Notice".
These include written confirmation to the NCR that it has taken appropriate measures to rectify the areas of non-compliance and the submission of an audit report to the NCR.
- Fin24
The NCR issued a compliance notice to the Tenant Profile Network for breaching the National Credit Act (NCA).
"Consumer protection standards on credit bureau information set by the NCA are extremely valuable in achieving a fair, transparent and sustainable credit market in South Africa," said NCR CEO Nomsa Motshegare.
"The NCR is committed to ensuring that these standards are upheld by all registered credit bureaus operating in the country," she said.
An investigation conducted by the NCR found that Tenant Profile Network is issuing credit reports for purposes not permitted by the NCA.
In addition to not resolving consumer complaints within the 20 business day timeframe prescribed, it also does not provide consumers who have challenged the accuracy of the information reported to or held by Tenant Profile Network with evidence to support the challenged information.
"In order to address these areas of non-compliance, Tenant Profile Network is required to take steps as set out in the Compliance Notice".
These include written confirmation to the NCR that it has taken appropriate measures to rectify the areas of non-compliance and the submission of an audit report to the NCR.
- Fin24
