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National Credit Act, 2005 (Act No. 34 of 2005)

Chapter 4 : Consumer Credit Policy

Part B : Confidentiality, personal information and consumer credit records

73. Verification, review and removal of consumer credit information


(1) The Minister may, at any time prescribe—
(a) the nature of, time-frame, form and manner in which consumer credit information held by credit bureaux must be reviewed, verified, corrected or removed;
(aA) the manner in which a registered auditor may confirm that the consumer credit information referred to in paragraph (a) has been reviewed, verified, corrected or removed; and
(b) the time-frame and schedule for the exercise by consumers of their rights in terms of section 72(1).

[Subsection (1) substituted by section 23 of Act No. 19 of 2014]


(2) When prescribing a matter contemplated in subsection (1), the Minister must—
(a) consider amongst other things—
(i) the predictive nature of such information; and
(ii) the socio-economic impact on consumers of the removal of such information; and
(b) engage in consultation with affected stakeholders.


(3) Any regulations to be made in terms of this section must be submitted to the relevant Parliamentary Committee for the necessary consultation prior to their promulgation.