1. What is the NCA?
The National Credit Act is consumer legislation aimed at promoting a fair and non–discriminatory marketplace for customers to access credit. It also aims to protect consumers from over–indebtedness by placing greater responsibility on credit providers to lend money to consumers in a fair and responsible manner. This Act will replace the Credit Agreements Act as well as the Usury Act, which currently govern the industry.

2. When is it enforceable?
The National Credit Act comes into effect on 1 June 2007 and credit providers such as Standard Bank need to be compliant by then.

3. Who is affected by the NCA?
The NCA affects all personal banking and certain business banking customers (such as sole proprietors and trusts with less than 2 members). It also affects all financial institutions that lend money and as a result of the Act have to register as credit providers. This includes banks and micro–lenders.

4. How will the NCA affect me as a customer?

  • Customers may be required to provide additional information when applying for credit
  • Documentation will be easier to understand with a clearer breakdown of costs
  • Credit providers are required to ensure that customers understand the risks, obligations and costs associated with every loan that they apply for and take up.

5. With the introduction of the NCA what will happen to my bad credit record?
The NCA stipulates the periods that adverse or negative customer data may be stored on the bureau. It also provides for older data to be removed under certain circumstances. It does not mean that all negative data will automatically be removed from the bureau. Customers may contact the bureau to get a report on their credit record. One free credit report per year will be provided to consumers. Additional reports requested during a year will be charged for. Customers are required to continue paying instalments to credit providers on all loans that they have.

6. How can I get more information on the NCA
For more information on the NCA log onto

7. Will there be any changes to processes and forms when applying for credit?
Yes, we will now require additional information when assessing your application loans. This information includes details of all your income and expenditure and if you are married in community of property you will require the written consent of your spouse before you can apply for a loan.

8. What documentation do I need to bring when applying for a loan?
You will need to bring proof of your identification (green bar–coded identity document), your income e.g. payslip and proof of residence.

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