CREDIT bureaus are governed by the provisions of the National Credit Act, 34 of 2005 (NCA), and the regulations pursuant thereto, and are regulated by the National Credit Regulator (NCR).
They gather and amass information around the credit and spending habits of consumers/companies on behalf of third parties (banks and financing institutions) to help them determine whether to lend credit or not to the person/company concerned.
That’s a lot of information and control over us mere mortals, and in the wrong hands can be a potential disaster, blackmail, and a weapon of note.
TransUnion, a US-based global consumer credit-checking agency, was alerted on Friday by a group calling itself, N4ughtySec – bad actors (hackers) apparently based in Brazil – claiming to be responsible for breaching cybersecurity at TransUnion South Africa,…