Credit Amnesty Lets You Wipe Your Bad Credit Rating

01 Apr 2014 by Jasmine Stone in Finance

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Good news for your credit card. From 1 April bad credit rating information and information relating to paid up judgements will be removed. The process referred to as credit amnesty will allow you to start with a clean slate. However, it doesn’t mean your debt disappears.

The adverse credit information that credit bureaus will have to remove includes any marks or symbols indicating a bad credit rating on your profile, details and results of disputes, and subjective classifications of consumer behaviour.

National Credit Regulator CEO, Nomsa Motshegare, says: “We want to encourage them to maintain a clean credit record to allow them to regain access to affordable credit, rental accommodation and employment.”

To read more about the credit rating cleansing, click here.

[ Source : Fin24 ]

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