The question often arises as to whether information can be removed from a bureau after the debt to which that information relates, has been paid in full.

Credit Bureaus are regulated by various laws, codes, policies and constitutions. The Credit Provider Association’s (“CPA”) constitution and the National Credit Act (NCA) specifically deals with the question raised above.

Over the past two decades credit scoring has transformed how lenders analyse credit applicants and make lending decisions. With the use of credit scoring suites and automated decisioning tools lenders have not only completely eradicated the manual task associated with application analysis but have also reached a pinnacle in decision accuracy and consistency. In the past year alone technological advancements have resulted in a generation of credit scoring tools that have changed the course of lending history and with it the future of microfinance.

Project Evolution, an apt name for the project which seeks to revolutionise the credit industry and create a unified credit market, officially kicked off in October 2011 and is well on its way towards its envisioned integration at the end of 2014.