Time limits on keeping information about you
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 Five years or until the judgment is withdrawn by a court or abandoned by the credit provider.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 Ten years or until the order is withdrawn by the court.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.