A dormant micro loan account is an open/active NLR or Compuscan payment profile account where no payment performance information has been received from a lender for more than six months.

According to the Credit Bureau Association’s (CBA), dormant micro loan accounts on Compuscan and the NLR that meet all of the below criteria will be closed by credit bureaus if not updated by lenders.

• Active dormant micro loan accounts, that is micro-loan accounts with an NLR payment profile; and Clients with a Current Loan Status on Compuscan that have not had a payment update in the last 6 months
• With an open date older than 6 months;
• With a loan amount less than or equal to R8,000.00 (eight thousand rands);
• With the last update date older than 6 months, that is, where the account has been dormant for more than 6 months;
• With months in arrears not greater than zero;

Please note:

• An account will only be closed if it meets all of the above criteria.
• If a loan is ‘closed’ it will be regarded as being ‘paid up’.

Up to date, accurate information is extremely important to credit providers in terms of performing affordability assessments and making risk decisions. The same applies to consumers. An inaccurate personal credit profile might hamper a consumer’s ability to gain further access to credit.

Many loans on Compuscan and the NLR are on current loan status or are open without a payment update. As mentioned above, this influences consumers negatively as they seem more over indebted then they really are. Consequently, we have been mandated by the CBA to close all these open loans that have not had a payment update in the last 6 months in favour of the consumer.

PLEASE ensure your data on Compuscan and the NLR is updated ASAP.

It is to everyone’s benefit at the end of the day. Your cooperation in this regard will be greatly appreciated. Please contact our help desk for any assistance in updating your data.