Credit Bureau Association: Bureau Business | 5th Edition

 

 

Bureau Business | 5th Edition   What's been keeping us busy…   Is your organisation closing for the festive period?   As another year draws to a close, we're taking stock of our achievements and the progress made in 2016. Thank you for your part in continuing to evolve our credit information space and improve the work of our industry.   In this, our final newsletter for 2016, we want to welcome Mike Reilly from Compuscan who will be taking up the role of CBA chair. Mike is a seasoned professional in the credit information industry, and we look forward to working closely with him in 2017.  And with that, we must say farewell to Geoff Miller who has served as chair since June 2015, and who is returning to Chicago with his family early next year. Thank you, Geoff, for your leadership during a challenging period for the industry. We also bid goodbye to Michelle Beetar from Experian, and wish her well in her new role. For the rest of you – safe travels and a restful holiday if you're taking time off this festive season. If not, happy staycation! New CBA Chair Mike Reilly   What's been keeping us busy…   Registration of resellers It's been an eventful year in terms of legislative and regulatory developments. The National Credit Regulator (NCR) published its Regulation 19(13) guideline to the credit bureaux, which affects the conditions of registration for credit bureaus, and prescribes the manner and form in which consumer credit information must be shared by data providers to credit bureaus. It has also issued a guideline requiring all resellers to register as credit bureaux with the NCR. This process is currently underway as the NCR engages with resellers. Info Regulator confirmed PoPIA continues to be a hot topic. After a few initial delays, the President has announced the appointments of the Information Regulator chair and members, in accordance with section 39 of the Protection of Personal Information Act, 2013 (Act of 4 of 2013) and on the recommendation of the National Assembly. As expected, advocate Pansy Tlakula was confirmed as full-time member and chair (effectively fulfilling the role of Information Regulator). She will take on this role, together with the full-time and part-time members, from today (1 December 2016) and are expected to serve in these roles for five years. Maintenance orders on credit reports The Regulations to the Maintenance Amendment Act are being prepared by the Department of Justice. We anticipate these to be published in the first quarter of 2017. Of course, we are particularly interested in the requirement that compels the courts to share information around the enforcement of maintenance orders with credit bureaus, and with persons who extend credit to consumers. We continue to keep a close eye on this and will keep our membership informed. Extra bite for the NCR The Department of Trade & Industry (DTI) appealed to parliament to be given scope to present further amendments in a bid to strengthen the authority and scope of power of both the DTI and NCR. This follows an unsuccessful attempt to prosecute a major credit provider over breaches of the National Credit Act. Specifically, new regulations would enable the NCR to determine and penalize reckless lending, tightening the definitions of what constitutes "reckless". As DebtFree Digi reports: "The parliamentary committee has given approval to the DTI to now approach cabinet for the go-ahead to try introduce a second National Credit Amendment Bill which would contain these measures. This would follow a period of research into possible amendments to be proposed and then a bill open for comment and eventual ratification..." Project Evolution Project Evolution is currently sitting at almost 78% compliance. This means that approximately 50 million records are currently signed off or already being submitted in the new L700 v2 format. An incredible task! But, with the deadline to convert to L700 v2 having already expired, all data providers who are not yet compliant will need to make special application to SACRRA to avoid penalties. Bureau development for overdrafts, mortgage pre-registrations, and prescribed debt, is well on track.      Consumer education drive We continue to constantly look for opportunities to educate credit consumers on the power and importance of accessing their reports. To this end, we've been featured online, in newspapers, magazines and on radio in 2016, as well as attending industry and consumer-facing events A significant part of this has been our successful Know Your Credit Status campaign. And we believe it's really starting to pay dividends. The latest Credit Bureau Monitor (CBM) report shows that there was a 12% growth (quarter-on-quarter) of persons accessing their free credit report. This is a testament to all of our joint – yours and ours – hard work in this critical endeavour! We will continue to focus on this in 2017, and to drive joint initiatives with key stakeholders, such as the NCR. We are also so pleased confirm that we have agreed to partner with UNISA once again in 2017, to repeat – and even improve on – our very fruitful 2016 educational event.     Featured in     Credit Bureau Association St Georges Building, The Oval Office Park 1 Meadowbrook Lane (corner Sloane Street) Bryanston, 2191 Phone: +27 463 8218 Fax: 086 2717741 Enquiries: enquiries@cba.co.za Media: prcomms@cba.co.za You have been added to this email list because you are a CBA member or an external stakeholder.

 

Bureau Business Edition No. 4

 

 

Greetings members! Spring has officially sprung – and with that the coats are being packed, flowers are budding, and moods are brightening. It's the perfect time to take stock – and to look forward. So, here's a quick round-up of our recent activities, some industry news, and a few developments that we think will be of interest to you, our valued Credit Bureau Association stakeholder. This is a just small selection of what's keeping us occupied. We'd also love to hear from you: What are your big goals for the last quarter of 2016? What are your previous big wins? Get in touch with us, especially if you'd like us to share these with the broader credit information community.

 

What's been keeping us busy Some of the biggest news in the industry at the moment is that, after some initial delays, the National Assembly voted for Pansy Tlakula to chair the Information Regulator earlier this month. Ms Tlakula is a former Independent Electoral Commission of SA (IEC) chairperson. The Portfolio Committee on Justice and Correctional Services also recommended Johannes Weapond and Cordelia Stroom as full-time members of the Information Regulator, and Professor Tana Pistorius and Mr Sizwe Snail as part-time appointees. Parliament voted for the five nominated candidates who will now be referred to the Minister of Justice and Correctional Services for confirmation.  Their first order of business is likely to be a date for the commencement of the PoPI Act. Writing about the developments, Sicelo Kula on the Michalson's website argues "Maybe the commencement date should be 24 May 2017, so that the end of the one-year PoPI grace period (24 May 2018) can coincide with the end of the General Data Protection Regulation's (GDPR) own grace period on the 24 May 2018". The CBA and its members continue our work in preparing for this. In related news, we are also keeping up to date with progress and updates around both the Cybercrimes and Cybersecurity bill, and the Regulations to the amended Maintenance Bill. Furthermore, we are continuing our engagement with the NCR and SACRRA around the mandatory use of the Data Transmission Hub and the format for data submission by data providers to credit bureau as allowed for in regulation 19(13) of the NCA. We are hard at work on our policies and the necessary accommodations for these, and will update you on these projects as needed. We also continue to work closely with the National Credit Regulator (NCR) around the on-going "Know your credit status" campaign. This fruitful joint campaign is entering its second year, and we were thrilled to see the appreciation for this key alliance is well reciprocated – with the campaign receiving mentions in the NCR annual report from both Minister of Trade and Industry Dr Rob Davies and NCR CEO Ms Nomsa Motshegare. Thank you to our friends at the NCR, DTI, and the DPSA for their partnership in this campaign. Consumer education drive In our last newsletter we sung the praises of one of our latest allies in our consumer education drive, UNISA. Shortly after sending that update, we hosted our first UNISA Credit Day with the Department of Mercantile Law. It was a huge success – with loads of staff and students in attendance, and many credit industry partners who joined us upstairs for a mini-seminar. We want to once again thank UNISA, and all of the speakers (such as representatives from the various bureaus and the Credit Ombud) who made time for us, and helped us make the day so worthwhile.  In terms of media outreach, our latest feature-style press release (providing advice to first-time home-buyers) has received great traction in the Gauteng community press. Additionally, we were recently invited to participate in a short interview with RSG and Moneyweb, on their prime-time slot Geldsake. We continue to steadily grow our profile as commentators in the credit and credit information space.

Heads up After consistent declines in all quarters of 2015, the latest CBM stats suggest a turnaround in free credit report requests. Long may it last! The CBA has designed two infographics to guide the public on how to get their free credit reports and how to understand the data contained therein. Please feel free to check these out, and to link to or share them as you see fit.     Featured in

 

 

Credit Bureau Association ADDRESS: St Georges Building The Oval Office Park  1 Meadowbrook Lane Bryanston  Gauteng  2021  South Africa CONTACT: Phone: +27 11 463 8218 Email: enquiries@cba.co.za Media: prcomms@cba.co.za OFFICE HOURS Monday - Friday: 09h00 to 16h30

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News From TransUnion Credit Bureau - August 2016

NEWS UPDATE | AUGUST 2016       Do not let credit thieves steal your identity. Thousands of people are robbed of their identities by identity thieves every year –most remain unaware that they have become a victim of identity (ID) theft until it is too late. READ MORE   Reduce your risk of identity theft. Identity theft (ID theft) is one of the fastest growing crimes in the world: experts believe that someone’s identity is stolen somewhere in the world every two seconds. READ MORE     You have a right to a free credit report each year. VISIT WWW.MYTRANSUNION.CO.ZA OR CALL 0861 482 482   TransUnion Credit Bureau (Pty) Ltd - Consumer is intended for opt in communication only. If you feel this email is unsolicited please notify us. TransUnion offers solutions to the consumer that empowers them to learn, manage, update and protect their personal information while giving them the power to achieve their financial goals. Any information released by TransUnion on your credit report shall in no way be construed as an opinion of TransUnion on the solvency, financial standing, creditworthiness, integrity or motives of you the consumer, but merely reflects a recording of information received by TransUnion from various sources from time to time. Your use of the credit reports and the information contained therein requires you to use your own skill and judgment. You shall be solely liable for all actions taken in reliance on the credit report and the information contained therein. Follow this link to unsubscribe Email Powered & Designed By

 

Reinstatement of a credit agreement

The Constitutional Court recently delivered a judgement on the reinstatement of a mortgage loan agreement in terms of section 129(3) of the National Credit Act 34 of 2005. In Nkata v FirstRand Bank Ltd and Others (The Socio-Economic Rights Institute of South Africa as Amicus Curiae) (CC) (unreported case no CCT73/2015, 21-4-2016) (Moseneke DCJ) the court amongst others held that a consumer may reinstate a credit agreement after judgment, even up to such a late stage as after a sale in execution of the bonded property has taken place, provided the proceeds of the sale have not yet been realized. For a more detailed discussion of the court’s judgment see:

 

·         http://www.derebus.org.za/banks-beware-reinstatement-mortgage-loan-agreements/

 

·         http://www.derebus.org.za/protection-offered-s-129-national-credit-act/

 

·         http://www.derebus.org.za/nkata-courts-interpretation-s-129-nca-meaning-reinstatement/

Media release: Consumer Credit Issues: Where do I turn to for assistance? 20 June 2016

 

The Community Engagement Project on Responsible Use of Credit ,housed in the College of Law, in cooperation with the Credit Bureau Association hosted an information day on 20 June 2016. The general theme of the day was: Consumer Credit Issues: Where do I turn to for assistance?

Important stakeholders in the credit industry delivered presentations on different aspects relating to consumer credit issues. The topics included tips on management of personal credit, the importance and contents of credit reports and how to fix mistakes on credit reports,  identity fraud, the rights of consumers, whether employers may access credit reports of incumbents for purposes of employment and the regulatory framework and policy developments.  The programme’s purpose - to enlighten consumers regarding aspects of personal credit management - was well addressed. The presentations that were delivered have been professionally recorded, and after production is completed, DVD’s will be distributed to students.

The stakeholders (the Credit Bureau Association and other credit bureaus, the National Credit Regulator, the Credit Ombud and the Department of Trade and Industry) who presented on the day also had information tables in the foyer of the OR Tambo Building where consumers’ questions were answered. Here, several students, lecturers and members of the general public accessed their credit reports free of charge. Unisa is very pleased to report that the programme was well attended. The feedback received regarding the content of the programme has been very positive. We are grateful to our knowledgeable stakeholders without whom this day would not have been possible.

For more details, please contact Ms Michel Koekemoer by email at koekemm@unisa.ac.za, or telephonically at 012 429 2916.

 

Credit Day, 20 June 2016: I know my credit status. Know Yours!

Credit Bureau Association: Bureau Business Edition No. 3

 

 

Greetings members! Welcome to our second newsletter of 2016 – a year that is positively flying past already. At the Credit Bureau Association, we've been busy, and we'd like to take the opportunity presented by this newsletter to share some of the details of our projects and pursuits with you.  As usual, we invite you to you get in touch and let us know what you are up to, so we can share your exciting developments and achievements with the broader CBA community.

 

What's been keeping us busy As you know, the candidates for the office of the Information Regulator have been shortlisted. In preparation, the CBA draft code is being vetted by an information specialist so that we can apply for accreditation of our code as soon as the regulator is appointed. We are also ensuring alignment with SACRRA to ensure that there is a synergy from an industry perspective. With regard to the new maintenance information regulations, the CBA has been working with the Department of Justice to ensure that there is alignment between the requirements in Regulation 17 of the National Credit Act (NCA) and that of the Maintenance Act and its new regulations. In our last newsletter we were excited to announce the joining of new member, VeriCred Credit Bureau, to the association. Since then, Vericred has applied to SACRRA to take on consumer credit information.  We will keep you updated. Community and media This year has seen the continuation of our great partnership with the National Credit Regulator (NCR) around the "Know your credit status" campaign. Not only have the NCR and bureaus been able to offer reports and information at a number of government departments since late last year, but now we are gearing up for the public leg of the 2016 campaign. This will see us collaborate on a youth-focused campaign, rolling out at universities and public areas in close proximity to universities across Gauteng to reach the youth and the academic sector. Another important partner in our public education drive is UNISA. After a fortuitous meeting in 2015, the Department of Mercantile Law at UNISA and the CBA have been working together on a number of interventions aimed at staff and students, including a series of radio interviews on campus radio. This is culminating in a Credit Information Day to be held at UNISA main campus on 20 June. We are very thankful that so many of our members and strategic industry partners (such as the Credit Ombud and DTI) will be taking part in this open day that is aimed squarely at empowering and educating consumers. We continue to reach out to digital and traditional media to share an empowering message about credit management and credit reports with the wider populace. We've recently been featured in several of the Caxton community newspapers and Essentials magazine's website, among others.

Heads up The new CBA constitution has been revised, adopted and published on the CBA website where it is available for download on the membership page. The NCR subcommittee dealing with data sharing under Reg 19(13) is being established under the Credit Industry Forum (CIF). We look forward to engaging with the industry and the NCR in this regard.     Featured in

 

 

Credit Burea Association ADDRESS: St Georges Building The Oval Office Park  1 Meadowbrook Lane Bryanston  Gauteng  2021  South Africa CONTACT: Phone: +27 11 463 8218 Fax: 086 271 7741 Email: enquiries@cba.co.za Media: prcomms@cba.co.za OFFICE HOURS Monday - Friday: 09h00 to 16h30

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