The National Credit Act demands that certain information remain on your report for a period of time. We look at what these retention periods are for the different types of information on your credit report.
When it comes to debt, you must have heard about something called a retention period before. But let’s be honest, you probably never paid much attention until now that you found out the information on your report is “subject to a retention period” and cannot be removed.
Your credit profile contains both positive and negative information that was submitted to the respective credit bureau. The National Credit Act demands this information to remain on your report for a certain period of time, depending what it is…
Take a look below:
|Credit report information||How long it will stay on your report|
|Details and results of disputes lodged by consumers||6 months|
|Payment profile||5 years|
|Adverse classifications of enforcement action (when legal action was taken, such as: accounts written off, debt handed over, credit card revoked etc.)||1 year OR Within the period prescribed by Section 71A of the Act (new requirement)|
|Adverse classifications of consumer behaviour (when you are classified by a credit provider as a bad payer)||1 year OR Within the period prescribed by Section 71A of the Act (new requirement)|
|Debt Restructuring||Within the period prescribed by Section 71(1) of the Act (new requirements) OR Until a clearance certificate is issued.|
|Other Civil Court Judgments||The earlier of 5 years OR Until the judgment is rescinded by a court or abandoned by the credit provider in terms of Section 86 of the Magistrates Court Act 32 of 1944 OR Within the period prescribed in Section 71A of the Act (new requirement)|
|Maintenance Judgments in terms of the Maintenance Act 99 of 1998||Until the order is rescinded by a court(new requirement)|
|Sequestration Orders||5 years OR Until rehabilitation order is granted|
|Rehabilitation Orders||5 years OR Until rehabilitation order is granted|
|Administration Orders||5 years OR Until order is rescinded by court|
Retention Periods as per the National Credit Act 34 of 2007.