Credit Ombud Rules In Consumers Favor 60% of the Time
Getting Help From The Credit Ombud
A recent report shows that of all the disputes brought to the Credit Ombud (between consumers and non-bank credit providers) 62 percent of matters go in the favour of the consumer.
What Is An Ombud?
An Ombud is an independent 3rd party who is able to investigate and rule over a matter that is in dispute. Ombuds are traditionally appointed and funded by Government or a specific industry.
Disputes often relate to things like credit information of complaints with regard to credit agreements. During 2020 the Credit Ombud received 30 120 calls asking for information or starting the complaint process.
The Credit Ombud is Not The Banking Ombud
The Credit Ombud does not deal with banking matters anymore. These matters are now dealt with exclusively by the Ombud for Banking Services.
‘During 2020 the Credit Ombud received 30 120 calls asking for information or starting the complaint process’
When this change was announced the Credit Ombud was able to downsize its staff by 40% as many credit complaints relate specifically to matters involving the banks.
The Credit Ombud works closely with the NCR to now handle complaints that come in to the NCR about non-bank credit providers. This has helped reduce the NCR workload in regard to such complaints and disputes.
If you are having a dispute with a credit provider and are under debt review, then you can speak to your Debt Counsellor about how to lodge a complaint. Credit Ombud matters are usually sorted out within 46 days.