The National Credit Regulator is the organization that educates South Africa in credit and debt. Not only educate but also does research and creates policies for the credit industry in South Africa.
The National Credit Regulator was established in 2005 when the National Credit Act 34 was signed in as law.
The Act requires the National Regulator to promote the development of an accessible market and to make it easier for historically disadvantage people of low income to have access to the credit market.
The National Credit act also makes the manner in which credit agreements are drawn up to be more simplified and standardized.
Further, the National Credit act ensures that credit bureaus and the information they keep on record about consumers are accurate records.
One of the most important aspects of the NCR is that they help consumers to restructure their debt and to be assisted by debt counsellors to sort out their monthly repayments with their credit providers if they are at the point of being unable to pay their way out of debt.
The National Credit Regulator is responsible for monitoring the market and to ensure that the credit market operates legally.
The National Credit act regulates banks, micro lenders, retailers and all other businesses that provide loans or charge interest on overdue accounts to see that they are doing such according to the law and the National Credit act.
Not only do they monitor banks and micro lenders but they also monitor mortgage bonds, credit facilities and things like garage cards and personal loans.
The National Credit Act guarantees consumer rights that cover the right to apply for credit, the right not to be discriminated against when applying for credit, the right to be given reasons for the credit the person is applying for in case that credit is being declined.
The National Credit Act also gives people the right to be given documents in an official language that the consumer understands and the right to be given documents in a clearly understandable language.
The NCR also gives people the right to access and challenge information held by a credit bureau.