Despite industry objections to the removal of adverse credit information from the credit bureau databases, last month the Cabinet made the decision that all blacklisting will be removed from around 1.6 million consumers’ records. The decision to wipe the negative credit information was taken in an attempt re-enter these consumers into the market, which should, in turn, boost consumer demand and spending.
While this is good news for consumers who have paid all their debts but are still prevented from accessing further credit due to their bad credit listing, the credit amnesty bill may have the opposite effect in the housing market to what was initially intended, says Adrian Goslett, CEO of RE/MAX of Southern Africa.
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