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Lawyer Tries To Build Rascism Case VS Wesbank

A legal and public relations battle could be looming over accusations of Rascism relating to how much interest Wesbank charge Black South Africans pay VS other South African racial groups.

Twitter War

A financial investigating consultant, Emrald Vaan Zyl, has been blasting out requests on Twitter calling for black South African Wesbank clients to submit information about their vehicle finance if they are paying more than 17% interest. He is trying to build a case that these clients are being discriminated against based on race.

Mr Van Zyl intends to file a report with the Human Rights Commission over the matter if he can gather enough corroborating evidence (he plans to include 15 contracts in his papers .

Part of the discrimination relates to a R5 fee the banks were allowed to add for risk since 1990.

Wesbank no doubt will come out strong against any claims of alleged rascism but now face something of a tricky tightrope walk through the minefield that is public opinion and the issue of race.

To clear their name and ward off any such claims Wesbank may need to eventually disclose sensitive propriatory information regarding their risk profiling and client interest rate policies down the line. This in itself will no doubt make some people upset. For many people just seeing a credit score issued by a credit bureau makes them upset.

Your Credit Score

A ‘Credit Score’ is a type of number value on how good or bad a credit user you are seen to be by the credit bureaus. The higher the rating or number, the less of a risk you are seen to be. A credit score is based on credit use so, the credit bureaus do not give good ratings for avoiding credit use (since this is their entire purpose).