Regulator warns Wonga to comply

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The National Credit Regulator put a spanner in the works of Wonga Finance SA’s operations yesterday, saying it had issued a compliance notice that would require Wonga to remove credit bureau listings it had obtained on consumers’ credit records. It said a probe revealed that Wonga did not obtain proof of consumers’ income and living expenses. The lender would be required to rescind judgments taken against consumers, at its own expense, on loans where Wonga did not obtain such proof. – Nompumelelo Magwaza

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