Thank you for your question.
The latest amendments to the National Credit Act include changes 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Consumers no longer need to have their judgement rescinded to get it removed from their credit profile.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 I would suggest you firstly dispute your credit listing with TransUnion. Here is a link to TransUnion’s page explaining the dispute process: http://bit.ly/1bhiC8F
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: http://bit.ly/1MMS9NI
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. TransUnion is the best of the lot and some of the other are really slow in updating their systems.
With regards to the bank. It is a fact that they flag consumers on their internal systems. Mostly the flag remains for 5 years. I would suggest that you contact other banks if you wish to finance your vehicle. MFC might be a good option.
Hope this information was helpful.