SACRRA
Navigating Legislation with SACRRA
Gain exclusive access to crucial resources that simplify the complexities of credit and risk data legislation
Key Documents and Resources
Explore our collection of legislative-related documents, expertly curated to provide you with invaluable insights and guidance to navigate the ever-evolving landscape of credit and risk management laws.
Document Download Repository
REGULATION
PAIA
INITIATIVES
NEWSLETTERS
Project Newsletters
CIRCULARS
ANNUAL REPORTS
Do I Need To Go To The Court To Remove Adverse or Judgement Information?
When the above timeframes expire, the information will be automatically removed. However, if you want the information to be removed before the legally stipulated timeframe, then the National Credit Amendment Act and Regulations make it possible for negative and adverse information to be removed on settlement of the debt. The Regulations prescribe that:
- 71A (1) The credit provider must submit to all registered credit bureau within seven days after settlement by a consumer of any obligation under any credit agreement, information regarding such settlement where an obligation under such credit agreement was the subject of-
- An adverse classification of consumer behaviour;
- An adverse classification enforcement action against a consumer;
- An adverse listing recorded in the payment profile of the consumer: or a judgment debt.
- (2) The credit bureau must remove any adverse listing contemplated in subsection (1) within seven days after receipt of such information from the credit provider.
It is important to note that payment profile information does not get removed but is updated monthly to indicate if you have settled arrears or made your account up to date.
- 71A (1) The credit provider must submit to all registered credit bureau within seven days after settlement by a consumer of any obligation under any credit agreement, information regarding such settlement where an obligation under such credit agreement was the subject of-
Navigating Legislation with SACRRA: Simplifying Credit and Risk Data
SACRRA members gain exclusive access to crucial resources that simplify the complexities of credit and risk data legislation. Our SACRRA Connect portal features a comprehensive matrix that highlights relevant provisions in current legislation, all pertaining to credit and risk data as defined by SACRRA.
Stay well-informed and navigate the intricacies of legislation with confidence, while benefiting from the unparalleled support and guidance of the SACRRA community. Join us today and unlock the full potential of your business in credit and risk management.
Regulation 19 (13): Understanding your Obligations in Credit Reporting
In March 2015, the National Credit Act was amended, introducing Regulation 19 (13), which states:
“A credit provider must submit credit information to the credit bureaus in the manner and form prescribed by the National Credit Regulator through conditions of registration and any guidelines that may be issued by the National Credit Regulator from time to time.”
Aiming to standardise credit information submission, the National Credit Regulator released a Guideline on 3 November 2017. The Guideline prescribe the SACRRA data sharing environment as the industry standard for credit providers’ credit information reporting.
In addition, all data providers (previously known as voluntary data providers) must comply with data sharing requirements under the Act. Non-compliance could result in the denial of payment profile information access.
To comply with the Guideline, all data contributors must report credit information within the prescribed timelines, adhering to SACRRA’s Data Specification and format rules, known as Layout700v2. Importantly, data files must only be submitted to the six authorised credit bureaus through the Data Transmission Hub (DTH) — a secure data transfer portal co-owned by SACRRA and the Credit Bureau Association (CBA).
