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Settled ABSA Accounts Still Listed

 

Recent changes to the National Credit Act (NCA) were made through the National Credit Amendment Act (NCAA2014). These set in stone some aspects of previously released regulations such as the removal of adverse information on credit bureau reports.

In regard to the removal of adverse credit information on consumers credit reports the NCAA2014 says:

(10) Upon settlement of the amount in arrears which forms the subject matter of the adverse information, the source of data must in its next data of submission to the credit bureaus, advise such credit bureaus that the arrear amounts have been settled, the credit bureau must update the consumer’s credit records within seven(7) days of being notified as such.

 

 ABSA Accounts Settled Through Debt Review

ABSA have recently sent out responses to requests from debt counsellors regarding the paid up status of some accounts saying that they acknowledge the account is settled but that they will not be removing any info from the credit bureaus.

ABSA quote NCA Section 70(2)(d) which they say prohibits the removal or manipulation of adverse data. They say they can only do anything about the listing if it was erroneous or a duplicate listing. They feel their hands are tied.

Now What?

Is the listing showing adverse info? Does it reflect an arrears amount? Debt Counsellors are discussing the recent message and are debating whether to take the matter to the NCR directly or not.