Tuesday, September 1, 2009

Default Ratings - Ensure Accuracy

The National Credit Act requires that all information listed on credit bureaux needs to be accurate.

This requirement is essential when choosing a default rating code at the point of listing a default tenant.

Example, the tenant is a late payer and you have sent a letter of demand or even handed the file over to the attorneys, but the tenant defiantly remains in the property without paying. You cannot choose the default ratting Absconded - because the tenant is still in the property. This rating would be inaccurate, should the tenant dispute the default listing with the credit bureau, we will be obliged to remove the listing due to it's inaccuracy.

No comments:

Post a Comment