Regulation 19(13) in the National Credit Act 34 of 2005, stated: “A credit provider must submit credit information to the credit bureaus in the manner and form prescribed by the National Credit Regulator”.

Layout 700v2 Specification And Process Rule Document

Version 2.8
Publication Date: June 2015

Page 40:
Current Balance:
The balance of the account as at month end.
No future costs fees or interest is to be reported.

Instalment:
The amount which is expected from the consumer in order to ensure the account will remain current.
All values reported must be as at the reporting month and not include any future billing which are not being sought from the consumer in the month of reporting.

Exception: If a deferred payment type and date are populated then the instalment should reflect the expected instalment at the deferred date (thus may include future insurance, costs and interest to the point of the expected payment).

Overdue:
Total value which has not been received within the agreed repayment period (monthly, weekly, annually) etc.
This value should include overdue costs, overdue insurance and overdue Interest.
Where there is an agreed Contractual instalment for the accounts type the overdue contractual instalments or portions thereof should be reported as overdue

Months in arrears (Field 37) must be supplied as actual months past due
If months in arrears is populated an overdue balance should be expected

DATA FORMAT PRESCRIBED BY THE NATIONAL CREDIT REGULATOR
Category 3: Product Descriptors
Personal Loan: Loan granted to consumer for use in his personal capacity where the loan is to be repaid over a term greater than 1 month.

Category 5: Current Account Status Codes and Status Date
Account Closed: Account fully paid and has been closed.
Disputed: An indicator to remove the record from display while a dispute is investigated. CURRENTLY a MANUAL process.



NCA Regulations 20.
Handed Over: Account handed over to attorney or collection agency for recovery but still owned by the Member. May only be used in Monthly files. Send when loan status on LMS is Non Performing.
Early Settlement: Outstanding balance settled before agreed term. This will be sent as a CLOSED Status.
Settlement of Adverse Arrears: Where the obligation under the agreement relating to the adverse has been settled, but the account is still active. This will be sent as a CLOSED Status.
Cooling-Off Settlement: Loan settled within the 5-day cooling off period. Sent when loan status in LMS is cancelled. This will be sent as a CANCELLED status.
Written Off (Adverse Code): Account written off due to non-payment. May only be used in Monthly files. This will be sent as a CLOSED status.
Deceased: Where a consumer has been confirmed as deceased. MAXMONEY does not sent this information.  The bureaus obtain the information.

NLR Decommissioning
Dormant Micro Loan Accounts
It was resolved by the members of the CBA that dormant micro loan accounts, which meet the following criteria, must be updated by members of the CBA to reflect as a closed account – i.e. status code “C” on the date the action took place (status date):
• All dormant micro loan accounts that reflect an open date of older than 6 months; and
• no update has been received from the data supplier in the last 6 months; and
• the data submission is up to date; and
• the account is reflected as being either current or 1 months in arrears; or
• the account is reflected as being more than 1 month in arrears, but the term of the credit agreement has expired.
• Dormant micro loan accounts may not be amended where the account status is reflected as either a W, I, J or L.
For purposes of this policy directive the following phrases bear the following meanings:
• A micro loan account is defined as an unsecured loan account hosted by the credit bureaus where the account type is one of the following: 1, 2, 3, 4, J, K & M.
• A dormant micro loan is an open/active unsecured loan (account types 1, 2, 3, 4, J, K & M) where no payment performance information has been received from the credit provider for more than six months.