TransUnion Default Listing
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TransUnion Default Listing Function
The TransUnion – Default listing function in Datanamix, allows a credit-granting business client's, to list a business or consumer who has defaulted on a payment in accordance with the NCA (National Credit Act) regulations of 2005, directly onto the TransUnion Credit Bureau Default Listing database.
This listing will immediately appear on the consumer TransUnion Consumer Credit Report as adverse information under Default listings. In the case of a business, the Default listing will immediately appear on the business's TransUnion Business Credit Report under Default listings.
The TransUnion Default Listing function forms part of the standard Datanamix product suite and is available after registration to any business that grants credit to other businesses, or consumers.
A default remains on your credit report for two years or one year, depending on the description of the default. Subjective classifications of consumer defaults remain for one year. Consumer default classifications where enforcement action is taken - such as bad debt written off or handed over, credit card revoked or repossession - remain on your credit report for two years.
Default data will be removed once the default is paid in full. Once the default has been paid, the lender has seven days to update their information and inform the credit bureaus of the paid-up status. The bureaus, in turn, have seven days from receiving the notification from the lender to amend your credit report.
Registered Datanamix clients that have the correct business profile can utilise this service subject to the below legal requirements for a registered business and credit providers to list a default payer:
- Before the credit agreement is in place:
- Must have a valid CIPC registration number registered to their business.
- The client, (defaulter) must have a signed and legal credit agreement in place with the organisation.
- The organisation must have performed the correct verifications and compliance checks on the entity/consumer.
- An affordability assessment must be performed on the consumer/entity, with their written consent prior to a credit facility been allocated.
- When a default listing can be done on Datanamix:
- A valid signed credit agreement must be in place.
- The client must be given Ninety days to settle their debt.
- After Ninety days, a section 129 letter/ final demand letter must be sent to the customer.
- Twenty working days after final demand letter was submitted, the customer can then be listed on Datanamix.