About the National Credit Regulator
The National Credit Regulator (NCR) was established as the regulator under the National Credit Act No. 34 of 2005 (The Act) and is responsible for the regulation of the South African credit industry. It is tasked with carrying out education, research, policy development, registration of industry participants, investigation of complaints, and ensuring the enforcement of the Act.
The Act requires the Regulator to promote the development of an accessible credit market, particularly to address the needs of historically disadvantaged persons, low income persons, and remote, isolated or low density communities.
The NCR is also tasked with the registration of credit providers, credit bureaux and debt counsellors; and with the enforcement of compliance with the Act.
What is the role of the National Credit Regulator?
The National Credit Regulator has to:
- Research the credit market and monitor access to credit and the cost of credit to identify factors that may undermine access to credit, competitiveness and consumer protection
- Receive and investigate complaints and ensure that consumer rights are protected
- Enforce the Act and take action against contravening institutions.
How do consumers get assistance ?
Consumers can approach the National Credit Regulator for advice or assistance on any credit transaction falling under the National Credit Act. The National Credit Regulator can also assist consumers on issues related to credit bureau or credit information and debt counselling.
Consumers can also contact the following institutions which specialise in specific types of complaints:-
- The Ombudsman for Banking Services (0860 800 900) deals with complaints that relate to banks
- The Credit Information Ombudsman (0861 662 837) deals with complaints that relate to credit bureaus or credit bureau information
- The Provincial Consumer Affairs Directorates deal with general consumer complaints.
The National Credit Regulator collaborates with Provincial Consumer Affairs Directorates, the Banking Ombudsman and the Credit Information Ombudsman to ensure that effective assistance is provided to consumers.