What to look out for when shopping for credit
Understanding Credit Under the National Credit Act The noun “credit” is strictly defined in the National Credit Act 34 of 2005 as “a deferral of payment of money owed to a person, or a promise to defer such a payment” or “a promise to advance or pay money to or at the direction […]
Data-retention periods for credit bureau information
Data-retention periods for credit bureau information The National Credit Act prescribes the maximum periods for which consumer credit information may be recorded on the consumer’s credit record. Regulation 17(1) of the National Credit Act sets the maximum periods for the retention of credit bureau information as follows: Categories of consumer credit information Description Maximum period […]