Bad credit record prevents name clearance | Fin24
 
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Bad credit record prevents name clearance

Sep 09 2014 16:25
Fin24

A Fin24 user is struggling to clear his name due to a bad credit record. He writes:

I am having problems with my credit record and I've been struggling to clear my name, because I was not working.

Can this credit clear [credit amnesty] help me?

I'm working now, but everything has to be approved.

Marelize Uys, chief operations officer (COO) at South African background screening company Managed Integrity Evaluation (MIE), responds:

The credit amnesty makes provision for the removal of paid up judgments, in other words, where the consumer has paid off such debt.

If you were unemployed and could, therefore, not repay your debt, this regulation will not apply to you.

You need to make arrangements with the various credit providers or seek advice regarding debt counselling in order to clear your debt.

There is still confusion about the credit amnesty and what it means for consumers.

Some consumers think their debt is going to be wiped clean, which is not the case, while others are concerned about credit applications and how the credit amnesty will affect this.

What this regulation does entail is the once-off removal of adverse consumer credit information and paid-up judgments, as well as a continuous removal of paid-up judgments.

- Fin24

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vehicle finance  |  credit amnesty  |  money  |  money clinic  |  debt
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