Cape Town - Regulations to adjust consumers' credit records should not be called credit information amnesty, because it is misleading, says Zak King, editor of DebtFree DIGI.
The actual regulation consists of a lot of words, so people are just dumming it down to credit information amnesty, causing confusion on what excatly is going to be cleared from a consumer's credit report.
Although the amnesty won't clear any debt, their are some long-term benefits for consumers, he said.
The one big plus is the removal of judgments, which again will only be cleared once all the debt has been paid.
"No more waiting after your pricipal debt has been paid... no more having to go to court to have the judgement removed..."
Watch
- Fin24
Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by sharing your debt experiences, debt-busting tips and insights. Have a question? Ask our experts.
The actual regulation consists of a lot of words, so people are just dumming it down to credit information amnesty, causing confusion on what excatly is going to be cleared from a consumer's credit report.
Although the amnesty won't clear any debt, their are some long-term benefits for consumers, he said.
The one big plus is the removal of judgments, which again will only be cleared once all the debt has been paid.
"No more waiting after your pricipal debt has been paid... no more having to go to court to have the judgement removed..."
Watch
- Fin24
Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by sharing your debt experiences, debt-busting tips and insights. Have a question? Ask our experts.