Isaac Moledi
Isaac Moledi
The National Credit Regulator (NCR) has served TransUnion Credit Bureau with a compliance notice after the country's biggest credit bureaus failed to comply with regulations relating to data cleansing in terms of the National Credit Act.
According to Gabriel Davel, chief executive of the NCR, credit bureaus were required to submit an audit report to the NCR by August 31 last year.
The reports were to assess whether information that had to be removed in terms of the regulations was in fact removed.
It was also to evaluate the accuracy of consumer information held by credit bureaus.
Davel says the TransUnion audit report did not meet the requirements in terms of the regulations though these weaknesses had been pointed out previously.
TransUnion may appeal to the National Consumer Tribunal within 15 business days.