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TransUnion Default Listing

TransUnion ITC Default Listing

TransUnion ITC Default Listing Function

pbVerify's Transunion default listing function allows credit-granting business clients to list a consumer or business that has defaulted on payment on the TransUnion Credit Bureau Default Listing database. This is in accordance with the NCA (National Credit Act) regulations of 2005.

This listing will immediately appear on either the consumer or business in question's Transunion Credit Report as adverse information, under the Default Listings segment.

The Transunion default listing function forms part of the standard pbVerify product suite, and is available after registration to any business that grants credit to other businesses or consumers.

A default listing remains on a credit report for either one or two years - depending on the description of the default. Subjective classifications of consumer defaults remain for one year, whereas consumer default classifications which include enforcement action (such as bad debt written off or handed over, credit card revoked or repossession) remain on a credit report for two years.

Default data is removed when the default is paid off 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 the credit report.

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Registered pbVerify clients who have the correct business profile can utilise this service, subject to the legal requirements laid out below.

In order for registered businesses/credit providers to list a default payer, the following legal requirements must be met:

  • A valid CIPC registration number registered to a 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 being allocated.

A default listing can be done via pbVerify when:

  • A valid signed credit agreement is in place.
  • The client has been given 90 days to settle their debt.
  • A section 129 letter/final demand letter has been sent to the customer, if they have not paid within the said 90 days.

20 working days after final demand letter was submitted, the customer can then be listed on pbVerify.

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