Is focus shifting to you?
In 2006, Time Magazine published that the person of the year 2006 was …YOU!!
In the same year in South Africa introduced the National Credit Act which started regulating the Credit Bureaux. Now we find ourselves in the first month (June 2007) of full regulation of the credit industry by the National Credit Regulator. Yes the NCA applies fully and is in effect!
If you watch closely, there is this wave of change, challenging the status quo around many things but for this article we’ll keep the focus on YOU…
There are two more pieces of legislation which the South African Government, through the DTI will introduce late 2007 and/or early 2008 depending.
The Consumer Protection Bill
The idea behind this Consumer Protection Bill is..
“To promote a fair, accessible and sustainable marketplace for consumer products and services and for that purpose to establish national norms and standards relating to consumer protection, provide for improved standards of consumer information, to prohibit certain unfair marketing and business practices, to promote responsible consumer behaviour, to provide for harmonization of laws relating to the protection of consumers, to promote a consistent enforcement framework relating to consumer transactions and agreements, to establish the National Consumer Commission…”
The Protection of Personal Information Bill
The rational behind the Protection of Personal Information Bill in summary is to ensure that…
- Personal information must be obtained fairly and lawfully and disclosing the purpose (purpose driven)
- Personal information must be used only for the original specified purpose
- Consent is obtained as far as it is practical and offer an opt-out option (consent)
- Personal information must be accurate and up to date and deleted if requested (control)
- Personal information must be accessible to the subject
- Personal information must be kept securely and destroyed after its purpose is completed
Now, tell us if these initiatives are heading in the right direction? Do you feel that we are heading to a Utopia where consumers are treated fairly? Click here to post your thoughts in the comments section. Can we stretch the Time Magazine “award” to a decade?
So by my understanding when I apply for credit, they may only use my personal information to identify me with the information on the credit bureaux. They may not hand over my personal information to the Credit bureaux. I worked for a company that had direct access to querie the ITC and the ITC does not record every querie of my credit profile which leads me to say no protection to unauthorised acces to my credit profile exists and have seen how they request my information and an ID is sufficient to get my records. The NCR allows the publishing of my bank detail and amount in my account. This is so wrong in every aspect I feel our personal information is exactly that if we have debot the outstanding amount be displayed and our conduct on the payment. The money I make or the balance of my account does not protect me but places the criminals with access to my funds.
Hey Duane,
The credit grantor may use your information for more than just verifying your identity. It is totally legal and ethical to do this. The money you make is not necessarily published but your outstanding debt is. If you were lending someone money, wouldn’t you want to know if they could repay you? By the way credit bureaus are allowed to store your salary information. I just don’t think they do yet.
Please click here for more information on your other concerns.