I opened a retail account in 2010 but then due to unemployment was unable to pay from 2013 to being of 2016. Then I got a job and made arrangements started paying mid-2016 and settled account 2017 August but I notice payment history on the credit report shows from 2013 till the current year as it always has is that normal even after sending clearance letter.
Advice will be highly appreciated.
Thank you for getting in touch.
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 Consumers no longer need to have their judgement rescinded to get it removed from their credit profile.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.
If you have reached your retention period and the information is still listed we would suggest you firstly dispute your credit listing with the credit bureau 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.
Hope this information helps.