How long is information kept on a credit bureau and where to find this law??

[Citizen X]

1. Where you find the law(aka legislation, aka, statute aka Act) that specifies how long certain information can be listed on a credit bureau?
2. You certainly won’t find this information in the National Credit Act 34 of 2005 itself i.e. anywhere in this act itself ;
3. You will however find this information in the National Credit Regulations 2006, Chapter 3, sections 17(1) – (4)



4. Retention periods(How long will a credit bureau keep information listed on their systems?)

	Categories of Consumer Credit Information	Description	Period for which Information must be retained from date of commencement of the event
1.	Details and results of disputes lodged by consumers	Number and nature of complaints lodged and whether complaint was rejected. No information pertaining to complaints upheld maybe displayed.	18 months
2.	Inquiries	Number of inquiries made on a consumer’s record, including the name of the entity / person who made the inquiry and a contact person if available	2 years
3.	Payment Profile	Factual information pertaining to the payment profile of the consumer	5 years
4.	Adverse information	Qualitative information on consumer behaviour	1 year
5.	Debt Restructuring	As per section 86 of the Act, an order given by the Court or Tribunal	Until a clearance certificate is issued
6.	Civil court judgments	Civil court judgments including default judgment	The earlier of 5 years or until the judgment is rescinded by a court or

			abandoned by the credit provider in terms of section 86 of the Magistrates’ Court Act, 32 of 1944.
7.	Administrations Orders	As per the court order	The earlier of 10 years or until order is rescinded by a court
8.	Sequestrations	As per the court order	The earlier of 10 years or until rehabilitation order is granted
9.	Liquidations	As per the court order	Unlimited period
10.	Rehabilitation Orders	As per the court order	5 years

[Dean64]

Hi Vanash

I joined the forum yesterday and was amazed at the amount of information that you have posted. I have posted a message on the forum and although I have had many responses, nothing is directly pertinent to my situation. I read with great interest, your articles on prescription of debt. My debt leading to my insolvent state arises from 2006 / 2007. Most of the debt is personally on my name & some of it was sccrued through personaly surety on my business debt. Can I claim prescription on any of this debt? I am aware that summons and judgements may have been issued against my name but nothing has been personally delivered to me. Does this still count against me regarding the prescription period? If I had the kind of money required, I would have gladly filed for liquidation. Since it is now 5 years, will my adverse listings still remain on the credit bureaus? Sorry for posting under this thread but I didn't know how else. Thanking you in advance

[Citizen X]

Challenging credit bureau listings in a lawful manner

A detailed explanation with a supporting PDF doc can be found at # 5:

http://www.theforumsa.co.za/forums/showthread.php/11657-Debt-How-to-claim-prescription-in-practice-and-how-to-enter-a-special-plea