‘The role of credit bureaus, which sell information about your creditworthiness, came under scrutiny in Parliament this week during public hearings on the National Credit Bill, an all-encompassing piece of legislation aimed at regulating the entire range of credit transactions.

Practices by credit providers and credit bureaus that prevent consumers who have repaid their debts from obtaining loans and other forms of credit came under fire in Parliament this week.

Parliament’s portfolio committee on trade and industry held public hearings on the National Credit Bill, which aims to protect consumers in any credit transaction, from pawnbroking to home loans.

The Bill also aims to control enterprises that do not lend money, but which play a role in the credit market. These enterprises include credit bureaus, which keep credit histories of consumers and sell these records to lenders.

In evidence before the committee, Stephen Logan, from Logan Attorneys in Johannesburg, outlined what he called unjust practices, which, he suggested, require more attention in the Bill if they are to be stamped out.’

Read more at Personal Finance - Bad practices ensure you’re in debt for life

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