I was handed over in 2013. I wasn’t aware if this at all. As soon as I found out I settled the amount April 2014. The other day,2017, I tried applying for a loan only for the judgements to pop up. I tried talking to the lawyer explaining to him I settled the amount in 2014. He immediately accused me of lying. So I sent the proof. Now I have to wait 5 days for him to send me the certificate of clearance. Which I can take to the bank etc. But it will still show negatively on my credit score. I’m going to report him anyway, but he has to be held accountable for my credit score? In other words, be liable for my increased interest? What do I do??? I’m so angry and frustrated.
Thank you for getting in touch.
Sorry to hear about your struggle to get your credit record straightened out.
Here is what the Credit Act says about judgements:
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 Consumers no longer need to have their judgement rescinded to get it removed from their credit profile.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 must 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.