TransUnion Default Listing

TransUnion 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

Listing

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.

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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.

Related Articles:


How the deteriorating credit health affects South Africa's retail sector

TransUnion’s Consumer Credit Index has declined to 43.6% in the second quarter of 2013 from 43.8% in the first quarter of the year. TransUnion, which is an international leader in credit and information management, says that this drop in the Consumer Credit Index (CCI) reflects a deteriorating consumer credit health. According to TransUnion, “Credit Health” refers to the ability of consumers to service existing credit obligations within the constraints of monthly household budgets.


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