NCR.org.za - National Credit RegulatorStraight from the horses mouth! Information provided by NCR.
Objectives of the National Credit Act
The purpose of this act is to promote and advance the social and economic welfareof South Africans, promote a fair, transparent, competative, sustainable, reponsible, efficient, effective and accessible credit market and industry, and to protect consumers.
- to promote black economic empowerment and ownership within the consumer credit industry
- to prohibit certain unfair credit and credit-marketing practices
- to promote responsible credit granting and use and for that purpose to prohibit reckless credit granting
- to provide for debt re-organisation in cases of over-indebtedness
- to regulate credit information
- to provide for registration of credit bureaux, credit providers and debt counselling services
- to establish national norms and standards relating to consumer credit
- to establish the National Credit Regulator and the National Credit Tribunal
- to repeal the Usury Act, 1968, and the Credit Agreements Act, 1980, and to provide for related incidental matters
The NCR website can be found here on http://www.ncr.org.za
Credit Bureau information can be found here http://www.wizardmidrand.com/home-loans/nca/credit-bureau.html