Consumer Credit Information
Consumers are fast becoming more reliant on credit as a convenience for shopping, buying or renting a house, a vehicle, or even for going on holidays. Credit cards, retail accounts and unsecured loans are on the rise due to this trend. As a data bureau we provide a valuable insight into a consumer’s credit history to our members to enable them to make improved lending decisions when determining their customer’s credit worthiness. Our reports will also assist with identification as ID theft is on the rise.
Consumer credit information contains:
- personal information and employment details.
It may also contain:
- adverse information such as defaults, bad debts, write offs, dishonoured cheques, legal cases etc
- public notices, such as mortgagee sales, bankruptcy notices, rate defaults etc or
- previous enquiries with other lenders.
The personal information on the report can be used for verification purposes.
Confidentiality and Accuracy of Information
The Credit Bureau has a Code of Conduct that protects the consumer's information from unauthorised access. The Information is kept in a secured environment and its users are identified and authorised by its members.
Business Credit Information
Cash flow is a major problem experienced by many companies, due to the fact that a high percentage of their debtors do not pay promptly. Companies must be very cautious when it comes to granting credit to new customers.
The Credit Bureau Business Services focuses on these areas by:
- highlighting companies that are bad payers
- highlighting companies that have setup numerous credit accounts within the same industry
- status of a company, that is if they are current, in receivership or closed
- minimising risks when acquiring new clients
The Credit Bureau members also enjoy a network of information sharing that highlights delinquent companies.
CDB can assist its members with their debt management in the followings ways:
- By loading defaulting debtors on the CDB database, members will gain assistance from all other credit providers in debt recovery. Most of our members will not extend credit until a loaded default is repaid.
- By doing a credit check before extending credit members can avoid potential bad debts.
- We can assist our members with their credit approval and debt collection procedures.
By placing a monitor on a debtor’s file, you will be alerted by email of the following:
- Any new enquiry by another member
- Any new default loaded
- Any change of address
- Any new public notice
Members are able to load their defaulting debts on the CDB Database. A debt is in default when it is unpaid beyond the credit terms given. Generally members load debts which are in default for more than 60 days. Under the Bureau's Code of Conduct, members cannot load a debt that is in dispute.
A defaulting debt also includes a dishonoured cheque.
After a default is loaded it is the member's responsibility to update the debtor's record when recoveries are made.