THE South African Communist Party (SACP) in the Northern Province officially launched its Red Weekend Against Blacklisting campaign in Pietersburg on Tuesday. Provincial SACP secretary Justice Piitso said the campaign, which is demanding that banks provide easier access to credit and that credit bureaus be regulated, is part of the SACP programme of Mass Mobilisation for the Transformation and Diversification of the Financial Sector. He said the SACP found the Credit Bureaus Association’s draft code on self-regulation inadequate and insisted that the government should regulate credit bureaus. The draft code was announced following a public investigation into credit bureaus by the department of trade and industry in May this year. Piitso said the 11 credit bureaus in South Africa were a law unto their own. “They collect information on the public, compile profiles and sell it to credit grantors,” he said. “Through this process, many of our people are unfairly denied access to credit.” – African Eye News Service
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