The National Credit Act (NCA)

What Is The Purpose Of The NCA?

The Purpose of the National Credit Act is to: promote a fair and non-discriminatory market place for access to Consumer credit; regulate Consumer credit and improve standards of Consumer information; prohibit certain unfair credit and credit marketing practices; promote responsible credit granting and use; prohibit reckless credit granting; provide for debt re-organization in case of over-indebtedness; to regulate credit information; and establish recourse for unfair credit practices.

National Credit Act (NCA)

The NCA does this by simplifying and standardising credit agreements and information disclosure; providing for the use of simple language that is easy to understand for comparing credit agreements from different credit providers; ensures all credit products are handled in the same way by credit providers; assisting over-indebted Consumers to restructure their debt with the help of a Debt Counsellor (DC) and encourage responsible lending; regulates credit bureaux in terms of their Consumer information and records; establishing the National Credit Regulator (NCR) to regulate the entire credit market; and establishing the National Consumer Tribunal (CT) to adjudicate on Consumer complaints and disputes with credit providers, contraventions of The Act and decisions of the Regulator.

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