TPN collects information relating to the payment of tenant's rental accounts from our members on a monthly basis. this information provides the TPN member performing the enquiry with a summary of the tenant's past payment history - a feature which will assist the member in making a decision on whether the applicant is likely to pay their rent in the future.
As per Regulation 17 of the National Credit Act, payment profile information is kept for a period of 5 years.
There are two types of payment profile information - information on TPN (Rental Payments) and on TransUnion (Credit Account Payments)
TPN has the following Rental Payment Profile (RPP) ratings:
|
Code
|
Rating
|
Meaning
|
| POT |
Paid on Time |
The full amount due on the statement* was paid in full on or before the due date. |
| GP |
Grace Period** |
The amount due on the statement* is paid in full anytime between the payment due date up to 7 days late (at the agent/landlord's discretion)
Example: if the rent is due on the 1st, Grace Period can be loaded if payment is made from the 2nd to the 7th of the month |
| PL |
Paid Late |
The amount due on the statement* is paid in full any time between the Grace Period and the due date of the next month
Example: if the rent is due on the 1st, Paid Late is loaded if payment is made from the 8th to the 31st of the month |
| PP |
Partially Paid |
The tenant does not fully make payment before the end of the month - i.e. there is a balance outstanding at month end
It makes no difference when payment is made; even if the tenant makes payment on the 1st but there is still a balance outstanding, it will be loaded as partially paid |
| DNP |
Did Not Pay |
The tenant has not made any payment in that month
Note: if the tenants pays the amount due in the following month(s), the Did Not Pay rating is not changed - the Rental Payment Profile is a factual representation of how payment was made in that given month
|
Definitions:
* Statement includes any balances brought forward, rental and all additional charges such as electricity; in other words the total amount that the tenant is due to pay.
** Grace Period - a tenant has no legal right to a grace period. Should the rental not be paid on the due date the agent/landlord can start the collection process immediately, and may mark that month's RPP as Paid Late.
TPN has allowed both Grace Period and Paid Late categories to help distinguish between the severity of a tenant's late payment.
TransUnion uses a system of numbers and letters to represent the status of the account:
The numbers represent how many months in arrears the account is - i.e. 0 indicates 0 months in arrears, 1 indicates 1 month in arrears etc.
Please note that once the account reaches 9 months, TransUnion does not continue counting - the account will remain on 9 months in arrears.
The letters represent various statuses of the account - e.g. 'C' indicates the account has been paid in full and is closed, 'G' indicates the consumer cancelled their insurance policy, etc.
For a full list of meanings, please see the following table explaining the codes in full