Extension of business days uplifted!




In the first week of lockdown, the National Credit Regulator made the very important announcement that the counting of business days for the purposes of the National Credit Act had been extended for the duration of the NCR defined “shutdown” period which commenced on 27 March 2020.

TPN has today received confirmation from the National Credit Regulator that the extension of the business days has been uplifted as of today, 17 June 2020.

This uplifting of the extension of business days will affect TPN clients as follows:
  1. Credit Bureau Dispute Process
    • Consumers have the right to log a dispute on the credit bureau.
    • TPN has continued to log consumer disputes since the commencement of lockdown and has been requesting credible evidence from the supplier of the information.
    • Data in dispute has been masked on the consumer’s credit profile.
    • The credit bureau has 20 business days to make a finding on the accuracy of the disputed data based on the credible evidence provided by the supplier of the information.
    • These 20 business days were suspended from 27 March 2020 until 16 June 2020 and have resumed from 17 June 2020.
  2. Blacklisting (Adverse Listings)
    • In terms of National Credit Act Regulations, before loading an adverse listing on a consumer’s credit profile, the following requirements need to be met:
      1. the account must be 3 billing cycles in arrears, and
      2. the consumer must have been given 20 business days' notification of intention to load the adverse listing on the credit bureau(s).
    • These 20 business days were suspended from 27 March 2020 until 16 June 2020 and have resumed from 17 June 2020.
Conclusion

For both disputes logged and letters of demand (for the purposes of blacklisting) sent after 27 March 2020, 17 June 2020 is considered the first business day, which means that the required 20 business days will expire on 14 July 2020.

Disputes logged on or after 27 March 2020 will be finalised on or before 14 July 2020. If you have sent a letter of demand with the intention to blacklist on or after 27 March 2020 then the earliest that a consumer may be adversely listed is 15 July 2020, provided that the requirements for an adverse listing have been met.

Please feel free to contact TPN Legal Support to ensure that you have correctly counted your business days prior to loading adverse information on the credit bureau.

Michelle Dickens
MD of TPN Credit Bureau

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