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Credit Information Amnesty

The much anticipated Removal of Adverse Consumer Credit Information, with implementation date of 1 April 2014, has finally arrived. Millions of consumers across the country have eagerly awaited the day they will receive a 'pardon' for their credit sins and start afresh, with hopes of once again being able to access much needed credit.

What is the Credit Information Amnesty about?

The purpose of the Credit Information Amnesty is to assist consumers who are blocked from obtaining employment or from obtaining new credit, although they can afford it, due to adverse information or information about paid up court judgements appearing on their credit records.

How will the Credit Information Amnesty work?

There will be a once off removal of adverse information and also ongoing removal of paid up judgement debts.

Once off removal of adverse information:

Credit bureau will once off, by 1 April 2014, removal all adverse information from consumers' credit records.

What is adverse information?

Adverse information refers to phrases listed by credit providers on consumers' records when they default; like the following phrases:

  • delinquent
  • default
  • slow paying
  • absconded
  • not contactable
  • handed over for collection or recovery
  • legal action
  • write-off

It also refers to information regarding disputes lodged by a consumer with a credit bureau regarding their credit records, irrespective of the outcome.

What does this mean for consumers?

It is important that consumers understand that it is only the adverse information that will be removed. The information amnesty does not erase debts or release consumers from paying off their loan agreements and other debts.

All your debts and how you pay off your debts will still appear on your credit records in your payment profiles.

Credit providers will still be able to see your payment behaviour and if you have debts that are in arrears; which is important when determining your affordability when you apply for a loan.

Removal of information relating to paid up judgement debts:

From 1 April 2014, and in future on an ongoing basis, credit bureaux will remove information regarding court judgments from a consumer's credit record once the consumer has paid up that judgment.

What does this means for consumers?

Consumers who have paid up a judgment debt will no longer need to go to court to have a judgment rescinded in order to clear the judgment from their credit records. This will be removed automatically.

What about other paid up debt where no judgement has been granted?

The Credit Information Amnesty does affect paid up debts other than judgment debts.

However, once the National Credit Amendment Bill comes into effect credit bureaux will be required to also remove adverse information listed next to any debt (and not only judgment debts) once the consumer has paid up such debt.

What will this mean for consumers?

If a consumer has defaulted on a loan and a credit provider has listed adverse information next to that loan, the consumer can settle this debt and the credit bureau will remove this adverse information.

Receive a free credit report from Old Mutual Finance

To find out more about the Credit Information Amnesty and to get a free credit report visit your nearest Old Mutual branch.

Terms and Conditions

  • In order to receive a free credit report from Old Mutual Finance the client will have to go through the loan application at the branch.
  • In the event where the client does not want to go through the loan application, but insists on a free credit report they can be referred to Experian.
  • Adverse information may be listed again on a consumer's profile relating to new defaults after 1st April 2014.
Debt in South Africa

Key take-outs from the speech include:

  • The 2016 Budget tax proposals aim to tighten fiscal policy
  • Personal Income Tax rates did not increase as expected
  • Increase in Capital Gains Tax effective rate from 13.7% to 16.4%
  • VAT remains unchanged
  • Sugar-sweetened beverages tax proposed for 1 April 2017 introduction
  • Increase in excise duties on alcoholic beverages between 6.7% and 8.5%
  • An increase in the total fuel levy of 30 cents per litre will take effect in April 2016

Budget Speech Highlights

Budget Speech Transcript

People's Guide to the Budget 2016 - English / Afrikaans / Xhosa / Tswana / Zulu

Old Mutual Stop Press - an overview of how the tax changes will impact you - English / Afrikaans

Old Mutual experts unpack the 2016 Budget Speech:

Soré Cloete, Legal Manager at Old Mutual
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Derick Ferreira, Head of Product Management at Old Mutual
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BUDGET SPEECH 2015

Budget Speech Transcript

Old Mutual Stop Press - an overview of how the tax changes impact on the financial services industry.