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The latest amendments to the National Credit Act, gazetted on Friday 13 March 2015, have brought amendments to the retention periods of credit information. Credit bureaus will now have to remove adverse information and judgement listings from a consumer’s credit profile, if the amount owed has been settled. Consumers no longer need to have their judgement rescinded to get it removed from their credit profile. Furthermore, the retention period for default listings has now been reduced to 12 months. In the same way, retention periods concerning administration and sequestration orders have been reduced to 5 years.
If you have reached your retention period and the information is still listed we would suggest you firstly dispute your credit listing with the company where you pulled your credit report. If you have a complaint about a specific credit provider you can lodge a complaint with the Credit Ombud. Here is a link to their page explaining the complaint procedure.
Also keep in mind that there are 4 major credit bureaus. TransUnion, Experian, XDS and Compuscan. It can be that some of these other credit bureaus have not yet updated your profile. With regards to the bank: It is a fact that they flag consumers on their internal systems. Mostly the flag remains for 5 years.
Hope this information helps.