ITC ASSIST specializes in repairing negative credit records, in order to create the opportunity for consumers to remove barriers to credit, schooling, education and housing for those who can afford it. ITC ASSIST also specializes in the removal of judgments, administration and garnishee orders from consumer’s credit records from all 4 of South Africa’s major credit bureaus…….
Obtaining of credit records at 4 Major Credit Bureaus!
In South Africa, we have 4 major credit bureaus who record credit and personal information on consumers, namely Transunion ITC, Experian, XDS and Compuscan. Different credit providers use different credit bureaus, and sometimes a default or judgment will reflect on one credit bureau, but not on another.
It is therefore very important to obtain the data from al 4 bureaus, in order to accurately compare and assess your credit record. The National Credit Act empowers the consumer to check his/her own credit record, especially before applying for credit, or employment. It is also important to carry out regular credit checks, in order to ensure that no fraudulent activities are carried out in your name.
ITC ASSIST’s relations with the 4 major credit bureaus makes it very easy to obtain a one stop 4-in-one easy understandable credit report, saving you valuable time in the process. Furthermore, our professional consultants will give you a summary breakdown of the reports in easy format, as many consumers do not understand the score cards, or the different listings.
Removal of default and adverse listings.
A key part of your credit report is the payment profile/account history. This is a 24-month log that shows all the accounts that you pay in full and on time, as well as any late or skipped payments.
Your credit report will also show any defaults – accounts which are more than three months in arrears and where the credit provider has noted that you are in default – even if you haven’t been handed over for collection or legal action. You have the right to challenge the accurateness of the information recorded, and by signing a mandate with ITC ASSIST, the lodging of the dispute process will be administered by us.
The credit providers have to follow a process before listing you, including written notification of their intent to list the default, and if they have not followed that process, the listing must be removed.
The National Credit Act was also recently amended to the extent that the Credit Bureaus now are allowed to remove an adverse listing if the client has settled the debt. A Default Listing means you are in default of your payment obligations, that you have failed to make the payment as per your agreement with a Creditor.
Removal of Garnishee and Administration Orders
A garnishee is a court order issued in terms of the Magistrates Court Act and that compels employers to deduct amounts from their employees’ wages. It gives a credit provider first bite at the worker’s income in cases where the worker has failed to make payment of a debt.
Consumers are estimated to be overcharged on estimate, R1500 per garnishee order. With around 3.5 million garnishee orders currently active, the result is an alarming figure of R4.5 Billion being overcharged, and effectively stolen from consumers over the full span of the existing garnishee deductions!
The main reasons for this schocking abuse of the garnishee system is 1) the consumer’s lack of understanding of the correct process to be followed, and how they can avoid being garnished, 2) the magistrate’s courts poor regulation of the process and 3) exploitation by unscrupulous debt collectors, by using unlawful practises.
ITC ASSIST will conduct a free, preliminary investigation on your behalf, to ascertain whether you have been overcharged, or if unlawful practise had been used to obtain the garnishee order against you. Once we have then established if you were indeed the victim of this abusive process (80% of garnishees ITC ASSIST will facilitate the cancellation of the garnishee order and the refund of monies overcharged to you at a negotiated fee.
Removal of judgment listings.
The amendment to the National Credit Act means that the removal of a judgment notice does not require a rescission of the court order anymore. The only requirement for the removal of judgment is to settle the judgment account and supply the credit bureau with a confirmation of settlement letter.
Once you have provided them with the settlement letter, the credit bureau must remove the judgment listing within 7-20 days.
In practise, however, the creditors do not always comply, and in many instances the judgment is still listed on the consumer’s name. On receipt of the necessary documentation ITC ASSIST will administer the process on your behalf, and make sure that all 4 major credit bureaus have indeed removed the judgment listings.
A Judgment listing could be recorded on your name at the credit bureau if you owed your creditors money and they had to obtain court orders from courts of Law (Magistrate or High Courts), compelling you to make payments and granting the creditor (Plaintiff) the right to take action against you in order to collect the monies outstanding. The new national credit act allows for the removal of judgments without recission of court orders which means your judgment listing can be removed once the account has been settled.