Welcome back! In our last lesson, we learned the definition of the term resolution
A resolution comes about when a query or a dispute has been fixed or resolved. We also discussed that most credit stakeholders (for example banks, other credit providers, and higher authorities) have a policy of providing feedback on queries and disputes within 20 business days. We also mentioned that if you have an issue with something on your credit report, you should contact the credit bureau directly. If you’d like to refresh your memory on our last lesson, click here
If you think you have found a mistake on your credit report, for example if it shows that you have defaulted on a payment when you have actually paid the account, you can log a dispute at Compuscan. To do this, follow these steps:
- Get a copy of your credit report from www.mycreditcheck.co.za
. Remember, you are entitled to one free credit report every 12 months! Follow the instructions on Compuscan’s My Credit Check website to register as a user and download your report.
- Contact our Consumer Care centre at (021) 888 6000, our Call Centre at 0861 51 41 31, or email us at [email protected]
- Make sure you send Compuscan a copy of your ID, as well as your proof of address. This is to allow us to protect you against fraud, and so that we can verify your identity.
- Provide the agent with a description of what you are disputing.
If you want to dispute any of the following matters, you will need to provide certain documentation to us as well:
- Judgment rescinded: Provide a copy of the rescission document.
- Judgment paid in full: Provide a copy of the letter from the plaintiff or attorney that references the case number and confirms that the account has been paid in full.
- Administration order rescinded: Provide a copy of the Section 74Q or Section 74U court order.
- Debt counselling: Provide a clearance certificate or a court order that confirms your removal from debt review.
Please remember the following:
- When an account has been paid in full, the balance will be set to R0.00, but the information of the account will remain on your credit report for up to 5 years.
- Credit providers submit their payments to us at the end of the month. You should only log a dispute with us if your account information has not been updated for 60 days or longer.
- By law, if you have paid a judgment in full, it will no longer be reflected on your credit profile. There are certain time frames within which we have to remove this information. For more information about paid judgments, visit www.ncr.org.za
After you have logged your dispute at Compuscan, we will investigate the matter by contacting your credit provider. As soon as we receive feedback, we will update your credit report and the dispute will be marked as resolved. Once this is done, we will contact you. Remember, we will get back to you within 20 business days!
This brings us to the end of our course on Knowing Credit: Query Resolution
. Stay tuned for our next article, we’ll talk about financial planning and cutting costs.