An interesting development, the Bankers Association of South Africa, Consumer Credit Association, Furniture Trading Association and the Micro Finance South Africa are planning to register a company that will assist consumers who cannot meet their financial obligations to restructure their debt.
It would seem the main players in credit have realized that consumers do need assistance, but not only that. I would assume the spinoff is that consumers will continue to pay their restructured debts which means lesser debts to write off and a degree of legal cost saving in summons and debt collection initiatives.
Click here to continue reading ‘Credit industry associations to assist consumers out of the debt trap’
In a recent comment post a reader posed some questions which I thought would benefit more readers as an article. So here goes…
Q) What do credit grantors use credit bureau reports for when you apply for credit?
A) When you apply for credit, the credit grantor uses your credit report to verify your identity as well as to assess their risk.
Q) What information is supplied to the credit bureau?
A) when ever an inquiry is made on your credit report a reason for enquiry is supplied by the credit grantor, the credit bureau also records that an enquiry was made and the credit provider in question. This information is shown on your credit report under the enquiry history section.
Q) Are all inquiries recorded by credit bureaus?
A) Not all enquiries are recorded by credit bureaus. Inquiries for forensic purposes are hidden, naturally.
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