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NATIONAL CREDIT ACT 34 OF 2005

The Act became fully operational in June 2007.

The Act is the mechanism through which consumers are protected in the advancing of credit.

The National Credit Regulator (NCR) is the regulatory body through which the South African credit industry is regulated.

Not only are Credit Providers required to be registered with the NCR, but so too are Credit Bureaus and Debt Counsellors.

The Act introduces the concept of Debt Counselling and Debt review, to assist over-indebted consumers with restructuring their debt obligations.

Fees and charges are regulated by the Act.

Both the Credit Provider's and the consumer’s rights and duties are noted in the Act.