What is your Personal Information?
Paysoft supplies information that has been compiled by the Credit Bureaus in a Consumer Credit Report from applications you have made to, for example, credit providers or services providers for credit or services.
Paysoft Collects Your Information from the Following Information Sources:
- Directly from you in response to any dealings we have with you
- Other registered credit bureaus and service providers
- Public records—courts, judicial officer
Paysoft limits the collection of personal information to include only what is permitted in terms of the NCA and which is necessary to our clients for credit/service application to enable them to make meaningful and accurate decisions. Furthermore, we ensure that our data retention policies are in compliance with the NCA.
Paysoft’s Use and Disclosure of Your Personal Information
In terms of Section 68 of the National Credit Act (NCA), there are certain rights and obligations imposed upon credit/service providers and the credit bureaus to ensure that consumer credit information and any other information is received, compiled, retained and reported in accordance with the NCA.
Records of consumer credit information must be maintained in accordance with the following standards:
- Identified by the consumer’s initials or full names, surname and South African identity number or, where no South African identity number is available, by the consumer’s passport number and date of birth, as well as contact and employment details
- Collected, processed and distributed in a manner that ensures that the record remains confidential and secure
- Credit bureaus must take all reasonable steps to ensure that all records are kept up to date
- Credit providers and other data providers defined in the NCA (collectively “Subscribers” ) who submit data to credit bureaus must take reasonable steps to ensure that the information reported to credit bureaus is relevant, accurate, up to date, complete, valid and not duplicated
- Subscribers who wish to submit default/adverse information to a credit bureau must
give the consumer at least 20 business days notice of their intention to submit
the following types of defaults:
a) Classifications of consumer behavior, including classifications such as delinquent, default, slow paying, absconded or not contactable
b) Classifications related to enforcement action taken by the credit/service provider, including classifications such as handed over for collection or recovery, legal action or write-off
The prescribed purposes for which a report may be issued by a credit bureau on a consumer:
- Fraud detection and fraud prevention services
- An investigation into fraud, corruption or theft, provided that the South African Police or any other statutory enforcement agency conducts such an investigation
- Considering a candidate for employment in a position that requires trust and honesty and that entails the handling of cash or finances
- Setting a limit of service provision in respect of the supply of goods, services or utilities
- Assessing an application for insurance
- Verifying educational qualifications and employment
- Obtaining consumer information to distribute unclaimed funds, including pension funds and insurance claims
- Tracing a consumer by a credit provider in respect of a credit agreement entered into between the consumer and the credit provider
- Developing a credit scoring system by a credit provider or credit bureau
Paysoft does not, except where otherwise permitted by law, collect, use or disclose personal information unless it is for purposes permitted or prescribed by the NCA and the consumer has consented to such use or disclosure (if consumer consent is required in terms of the NCA). In almost all cases, consumers will not provide such consent directly to Paysoft, but to our Subscribers.
Security of Your Personal Information
Paysoft has strict security measures to secure your personal information. Paysoft uses firewall technology to protect its data from would-be intruders and has different processes in place to secure our information such as passwords and security codes, encryption of data, antivirus software and physical security measures.
Correcting and Updating Your Information
You can help us maintain the accuracy of your personal information by notifying us of any changes. We will notify our suppliers of these changes. Paysoft, however, cannot alter the information reported. We can only notify the Bureaus who have procedures to ensure that such information is verified, and, where appropriate, amended or corrected.