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June 19 2014

Whitewash on the Blacklist

The new regulations to the National Credit Act may keep companies in the dark about certain information pertaining to employee applicants and potential vendors. In February, Dr Rob Davies, Minister of Trade and Industry, gave notice of new regulations to the National Credit Act, 2005. The change came into effect 1 April 2014 and the Department of Trade and Industry (DTI) has given Credit Bureaus in South Africa approximately two months to remove adverse consumer credit information from, and information relating to paid-up judgments. In other words, 6.5 million status updates relating to 4.2 million credit profiles will soon be deleted.