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   0860 627 627 (Call Centre) / 011 554 2700  (Reception) 

  info@ncr.org.za / complaints@ncr.org.za / workshops@ncr.org.za

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WELCOME TO THE NATIONAL CREDIT REGULATOR

The National Credit Regulator (NCR) was established as the regulator for the South African credit industry by the National Credit Act (34 of 2005) (NCA). It is tasked with consumer education, research, policy development, registration of industry participants, investigation of complaints and enforcement of the NCA.

The NCA requires the NCR 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 registers and ensures compliance to the NCA by the following industry participants: credit providers, credit bureaus, debt counsellors, alternative dispute resolution agents and payment distribution agents.

WELCOME TO THE NATIONAL CREDIT REGULATOR

The National Credit Regulator (NCR) was established as the regulator for the South African credit industry by the National Credit Act (34 of 2005) (NCA). It is tasked with consumer education, research, policy development, registration of industry participants, investigation of complaints and enforcement of the NCA.

The NCA requires the NCR 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 registers and ensures compliance to the NCA by the following industry participants: credit providers, credit bureaus, debt counsellors, alternative dispute resolution agents and payment distribution agents.

Keep your credit bureau record clean regardless of the rising cost of living

June 2022

Despite the interest rate hike and the rising cost of living, the National Credit Regulator (NCR) encourages consumers, in particular the youth who have already signed credit agreements to continuously pay their monthly accounts on time and in full in order to maintain a good credit bureau record. The youth are also encouraged to regularly check their credit bureau reports. Checking credit bureau reports enables consumers to spot any incorrect information and/or fraudulent transactions, thus providing them with an opportunity to remedy the situation. Ms. Poppy Kweyama, Manager: Education and Communication Department at the NCR, said knowing what is contained in one’s credit report gives consumers an opportunity to improve their credit reports.

All consumer credit information held by credit bureaus must be accurate. Incorrect credit information can adversely affect a consumer’s chances of acquiring credit or a job where a company is considering a candidate for employment in a position that requires honesty in dealing with cash or finances. “Hence, it is very important to dispute incorrect information before it affects you adversely,” she advised.

In terms of the National Credit Act, every consumer has a right to challenge the accuracy of their information held by the credit bureaus free of charge. If a consumer has challenged the accuracy of the information, credit bureaus must take reasonable steps to seek evidence in support of the challenged information.  Credit bureaus have 20 business days to do that. “Should the credit provider and/or service provider fail to prove the listing within the 20 business days, then the credit bureau must remove the disputed information from the consumer’s credit profile”, said Ms. Kweyama.
It is very important for consumers to know that inaccurate credit information will stay on the consumer’s credit profile, until rectified or until its retention period finishes. A retention period relates to the length of time that a credit bureau can retain consumer’s information on their credit report. However, consumers should not waste time disputing accurate credit information, knowing very well that they skipped payments or short paid the account.

Consumers are entitled to one free credit report once a year as per the National Credit Act, advised Ms. Kweyama. The National Credit Regulator would like to see more consumers requesting their credit reports from credit bureaus because currently the numbers of those requesting their credit reports are low. According to the Credit Bureau Monitor from the NCR, as at the end of December 2021, credit bureaus held records of 26, 38 million credit active consumers. Out of this total, only 648 280 credit reports were issued. From this total, 35 919 consumers lodged disputes in respect of the accuracy of information held by the credit bureaus. More disputes were resolved in favour of the complainants.

In order to clarify a lingering perception out there, credit bureaus do not decide whether or not to extend credit to consumers.  Credit bureaus are organisations that specialise in creating consumer credit profiles based on information received from a person who supplies goods, services or utilities to consumers, whether for cash or on credit, an organ of state, court, judicial officer and a person providing long term or short term insurance. They keep valuable information about consumers’ recent and past accounts, payment history, defaults, judgments, trace alerts, collections and enquiries.  

Often consumers ask how long their information will be reflected at the credit bureaus. It is important to note that in terms of the National Credit Act, there are different retention periods for consumer credit information held by the credit bureaus. Below is a table on the different retention periods: 

 

 

 

 

 

Category

Description

Time kept

 

Details and results of complaints

Number and nature of complaints lodged and whether a complaint was rejected; no information will be displayed on complaints that were upheld
Note: WinCredit does not display this information

6 months

 

Enquiries

Number of enquiries made on a consumer’s record, including the name of the entity/person who made the enquiry and a contact person if available

1 year

 

Payment profile

Factual information pertaining to the payment profile of the consumer
Note: WinCredit does not display this information

5 years

 

Adverse classification of enforcement action

Classification related to enforcement action taken by a credit provider

1 year or within the prescribed period in section 71A

 

Adverse classification of consumer behaviour

Subjective classification of consumer behaviour

1 year or within the prescribed period in section 71A

 

Debt restructuring

As per section 86 of the Act, an order given by the court or tribunal

Within the period prescribed in section 71(1) of the Act or until a clearance certificate is issued

 

Civil court judgments

Civil court judgments including default judgments

The earlier of 5 years or until the judgment is rescinded by a court or abandoned by the credit provider in terms of section 86 of Magistrates’ Court Act 32 of 1944 or within the period prescribed in section 71A of the Act

 

Maintenance judgments in terms of the Maintenance Act

As per court judgment

Until the judgment is rescinded by a court

 

Sequestration

As per the court order

5 years or until rehabilitation order is granted

 

Rehabilitation

As per the court order

5 years

 

Administration order

As per the court order

5 years or until order is rescinded by a court

 

Liquidation

Removed - delete

 

Other information

Removed - delete

In conclusion, Ms. Kweyama advised the youth about the importance of maintaining a good / healthy credit report as this shows credit / service providers that you are making payments as per your credit agreements, depicting you as trustworthy for prospective credit/ service providers and employers.

Below are credit bureau and other important contact details:


Experian

(011) 799-3400/ 0861 105 665

www.experian.co.za

This email address is being protected from spambots. You need JavaScript enabled to view it.

TransUnion 

0861 886 466

www.transunion.co.za

This email address is being protected from spambots. You need JavaScript enabled to view it.

XDS

0860 937 000
(011) 645-9100

www.xds.co.za

This email address is being protected from spambots. You need JavaScript enabled to view it.

Consumer Profile Bureau      

(010) 590-9505        

www.consumerprofilebureau.com

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Credit Ombud

0861 662 837

www.creditombud.org.za

This email address is being protected from spambots. You need JavaScript enabled to view it.

National Credit Regulator

0860 627 627

www.ncr.org.za

This email address is being protected from spambots. You need JavaScript enabled to view it.

Ends     


About The National Credit Regulator
The National Credit Regulator (NCR) was established in terms of the National Credit Act 34 of 2005 (the Act) and is responsible for the regulation of the South African credit industry. The NCR is mandated with the registration of Credit Providers, Credit Bureaus, Debt Counsellors, Payment Distribution Agents, and Alternative Dispute Resolution Agents; and monitoring their conduct in compliance with the National Credit Act as amended. The National Credit Regulator offers education and protection to consumers of credit in promotion of a South African credit market that is fair, transparent, accessible and dynamic.

For more information contact:

Media Office: This email address is being protected from spambots. You need JavaScript enabled to view it.
Or
Didi Sebothoma
064 752 3910
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.ncr.org.za

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Contact details

Physical Address
127 - 15th Road
Randjespark
Midrand
1683

Physical Address
Call-Centre, Complaints and Investigations Department
232-15th Road
Randjespark
Midrand
1683

Consumer Rights

Consumer Assistance
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Operating Hours

Mon - Thur : 8AM - 5PM
Friday : 8AM - 4:30PM

Call Centre
0860 627 627

Telephone
011 554 2700

National Credit Act

Download the National Credit Act
National Credit Amendment Act
National Credit Regulations
Background Documents on the NCA

 

Fraud / Anti-Corruption Hotline

Report any incidents of wrong doing
to the KPMG Ethics Line

0800 20 53 17 (Toll Free)