Media Release

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For immediate releaseJanuary 2014

 

The National Credit Regulator issues a Compliance Notice to the Tenant Profile Network (Pty) Ltd credit bureau.

 

The National Credit Regulator (NCR) has announced today that it has issued a Compliance Notice to the Tenant Profile Network (Pty) Ltd credit bureau for breach of the National Credit Act’s (the Act) pertaining to the handling of credit bureau information. 

 

This follows an investigation that was conducted by the NCR which revealed that Tenant Profile Network:

 

•Is issuing credit reports for purposes not permitted by the Act;

•Does not resolve consumer complaints within the 20 business day timeframe prescribed by the Act; and

•Does not provide consumers who have challenged the accuracy of the information reported to or held by Tenant Profile Network with evidence to support the challenged information. 

 

In order to address these areas of non-compliance, Tenant Profile Network is required to take steps as set out in the Compliance Notice which includes:

 

•Written confirmation to the NCR that it has taken appropriate measures to rectify the areas of non-compliance; and

•The submission of an audit report to the NCR.

 

Nomsa Motshegare, CEO of the NCR says that the consumer protection standards on credit bureau information set by the Act are extremely valuable in achieving a fair, transparent and sustainable credit market in South Africa. The NCR is committed to ensuring that these standards are upheld by all registered credit bureaus operating in the country.”

 

 

Issued by the National Credit Regulator 

 

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