Still not understanding how ITC listings work

[neoprema]

I've asked before in other people's threads here but maybe someone who's worked in the financial credit industry can explain this to me because I still don't get it when I hear friends or other people talk about.

ITC's are credit bureau right? They maintain a list of your credit profile and/or bad or non payments etc.

If someone did NOT offer you credit, can they still list you as defaulting on a payment?

For example, one of my parents who went to hospital for an emergency some time back had signed for X-Rays with Radiology in their own name. They don't check their email much (they're over 80) and/or missed an email with the bill from the Radiology after medical aid declined it.

Now they sent an email which i saw as i'm now forwarding their email to me - and it says final notice to pay the outstanding Radiology fee before a default listing is loaded by their service provider with the ITCs/Credit-Buraeus for non-payment.

The exact wording is "20 Day Final Notice to Pay before ITC default listing" as the subject.

How is it possible when no credit was extended? Or is that something in the fine print they signed for?

 

[WAslayer]

It's not a formal credit agreement, but the hospital can charge interest and penalties for late payment and when they do, it's considered an incidental credit agreement..

The moment it becomes an incidental credit agreement, the hospital can load a negative listing on your credit record..

That's at least how I understand it happens..

 

[neoprema]

It's not a formal credit agreement, but the hospital can charge interest and penalties for late payment and when they do, it's considered an incidental credit agreement..

The moment it becomes an incidental credit agreement, the hospital can load a negative listing on your credit record..

That's at least how I understand it happens..

Hmmm very interesting thanks!

 

[zerocool2009]

Another example, a tenant walked out owing me a few months water and lights.

I gave him 20 business days, and made a bad mark on his ITC (credit record).

Thats priceless!

 

[Bliksis]

Another example, a tenant walked out owing me a few months water and lights.

I gave him 20 business days, and made a bad mark on his ITC (credit record).

Thats priceless!

How did you manage to do that?

 

[Corelli]

ITCs dont just look at credit but the way you pay your bills too.

The ITC Credit Bureau in South Africa primarily keeps records of credit-related transactions, rather than general financial transactions. This includes:

• Credit applications: Records of loans, credit cards, and other forms of credit applied for.
• Payment history: Whether payments on credit accounts are made on time or missed.
• Defaults and judgments: If a person or business has failed to pay debts and legal action has been taken.
• Debt review status: If an individual is under debt review or has been flagged for financial distress.
• Fraud prevention data: Information used to detect and prevent fraudulent credit activity.

However it also keeps records of all your personal details, ie past addresses, phone numbers etc which you used when applying for credit or using credit.


The only one you can ignore is when they like to say they put a tracer on your credit profile. Thats generally when they are unable to get hold of you and carries no weight with your ITC scores. That would be what the SABC does.