WHO & WHAT is the National Credit Regulator (NCR)?
The National Credit Regulator (NCR) is the governing body (watchdog) of the credit industry in South Africa and reports to the Department and Minister of Trade.
What is the ROLE of the National Credit Regulator (NCR)?
- Enforce the requirements of the National Credit Act (NCA).
- Report and conduct consumer credit market research.
- Raise awareness of consumer debt/credit-related matters.
- Register industry participants include debt counsellors, credit providers, credit bureaus, payment distribution agencies, and alternative dispute resolution agents.
- Continuously regulate registered credit providers, debt counsellors, credit bureaus, payment distribution agencies, and alternative dispute resolution agents to comply with the NCA.
- Investigate complaints against debt counsellors, creditor providers, or credit bureaus, for example. Complaints can range from Reckless Lending reporting to illegal practice awareness, for example, upfront Debt Review fees being requested.
The National Credit Regulator (NCR) and CONSUMER RIGHTS:
The National Credit Regulator (NCR) prides itself on promoting Consumer Rights through various awareness campaigns (especially during March – also known as Consumer Rights Month). And encourages financial (credit or debt) related industries to educate the South African consumer about possible pitfalls when taking on credit (for example) and the best way forward to get authorised assistance from regulated professionals to fix over-indebtedness.
Consumer rights in terms of the National Credit Act (NCA) are, amongst others, to:
- Be able to apply for credit.
- Know or be informed when an application gets declined, what the reason is.
- Receive information and documentation in clear, as well as a desired, language.
- Receive monthly statements at no cost.
- Get access to a free credit report once a year from any registered credit bureau, for example:
- TransUnion: https://mytransunion.co.za,
- XDS via Splendi: https://www.splendi.co.za/ &
- Experian: https://www.experian.co.za/
- Dispute incorrect information via credit bureaus.
- Protect personal information.
- Disallow reckless lending practices. And having the right to voice concerns and report any suspicious credit activities or behaviour by contacting the National Credit Regulator ([email protected]).
- Not be misled by credit marketing or adverts. In other words, all information about the credit or credit product has to be disclosed to the consumer.
- Apply for a trusted debt rehabilitation program, called Debt Review / Debt Counselling, if declared over-indebted.
Companies or entities registered with the NCR (under the NCA) acknowledge Consumers Rights as an essential aspect of their operations. It also brings forth the opportunity to take better care of their clients/consumers.
All Debt Counsellors ARE REQUIRED to be authorised and registered with the NCR as it ensures the individual’s (undergoing Debt Review / Debt Counselling) Consumer Rights are protected.
DebtSafe is not only a registered Debt Counselling firm with authorised Debt Counsellors but satisfies various NCR requirements. In cooperation with the NCR and aim of honouring consumers’ rights, our company also:
- complies to the NCA,
- adheres to a regulated fee structure and
- practices an ethical code of conduct.
| It is essential that South Africans check whether a Debt Counsellor is registered with the National Credit Regulator (NCR) – before signing up with their program. DebtSafe’s Managing Director’s NCR registration number is NCRDC1078. You can check the registration on the NCR’s website here http://www.ncr.org.za/ or call them on 0860 627 627. |
Why Would a Consumer Contact the National Credit Regulator (NCR)?
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REGISTRATIONS:
To check if a Debt counsellor, credit provider, credit bureau, payment distribution agency, and alternative dispute resolution agent is legit (in other words, registered and authorised to operate in the industry).
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EDUCATION &
COMMUNICATION:
To learn more about the National Credit Act, the Amendment Act, or Regulations involved.
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EDUCATION & CONSUMER
RIGHTS AWARENESS:
To make sure what Consumer Rights are BEFORE applying for new credit/debt.
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COMPLIANCE
& COMPLAINTS:
Requiring the NCR’s assistance to solve a query. For example: when struggling to resolve an issue with, or at, a registered credit provider, credit bureau, or Debt Counsellor.
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DEBT COUNSELLING
& DEBT INTERVENTION:
To confirm what solution(s) would be suitable to overcome and fix over-indebtedness (taking into account the individual’s situation).
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STATISTICS
& RESEARCH:
To gain access to / enquire about public notices, research reports, or the latest statistics available regarding credit behaviour, etc.
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INVESTIGATIONS
& ENFORCEMENTS:
To report corruption or illegal practice.
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PRACTICAL EDUCATION OFFERINGS/OPPORTUNITIES:
To learn more about the NCR’s Financial Education Webinars & related programs offered.
