Time lim­its on keep­ing in­for­ma­tion about you

Weekend Argus (Saturday Edition) - - PERSONAL FINANCE -

In terms of the Na­tional Credit Act, there are lim­its on how long cer­tain in­for­ma­tion can re­main on your credit pro­file. The types of in­for­ma­tion and their time lim­its are:

The de­tails and re­sults of any dis­putes lodged by you about in­for­ma­tion on your credit pro­file. Time limit: 18 months.

The num­ber of in­quiries made re­gard­ing your credit record, in­clud­ing the name of the per­son or com­pany that made the in­quiry. Two years.

Pay­ment pro­file. De­tails of any credit pro­vided to you, the pay­ments re­ceived and whether any pay­ments were late. Five years.

Ad­verse clas­si­fi­ca­tions of your pay­ment be­hav­iour. This in­cludes clas­si­fi­ca­tions such as “delin­quent”, “de­faulted”, “slow-pay­ing”, “ab­sconded” or “not con­tactable”. One year.

No­tice that you are un­der­go­ing debt coun­selling or re­struc­tur­ing. Un­til your debt coun­sel­lor is­sues a clear­ance cer­tifi­cate.

Civil court judg­ments. Any judg­ment granted by a court in a civil dis­pute be­tween in­di­vid­u­als or com­pa­nies (this in­cludes de­fault judg­ments). Five years or un­til the judg­ment is with­drawn by a court or aban­doned by the credit provider.

Ad­min­is­tra­tion or­der. An or­der granted by a civil court in which the man­age­ment and dis­posal of the as­sets of an in­sol­vent per­son are awarded to a per­son ap­pointed by the court un­til the in­sol­vent per­son has paid his or her debts. Ten years or un­til the or­der is with­drawn by the court.

Se­ques­tra­tion. A court ap­points a trustee or ad­min­is­tra­tor to take pos­ses­sion of your as­sets un­til your debts have been re­paid or other claims have been met. Ten years or un­til a rehabilitation or­der is granted.

Liq­ui­da­tion. A court places the prop­erty of a bank­rupt per­son or com­pany in the hands of a third party (trustee) to be di­vided among the cred­i­tors. No limit.

Rehabilitation or­der. An or­der granted by a civil court that re­stores the fi­nan­cial stand­ing or rep­u­ta­tion of a per­son who was in­sol­vent. Five years.

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