The National Credit Regulator of South Africa was established in 2005 to regulate the credit industry in the country. All debt counselors, credit providers and credit bureaus must register under the NCR. The NCR then monitors these institutions, and enforce compliance of the National Credit Act 34 of 2005.
Legal organization is also responsible for various other activities, such as research, education, policy, complaint investigation, Member registration and policy enforcement . The main objective of the organization is to make the credit market accessible for people in financial distress. The NCR is particularly focused on catering people from low income groups, and low-density communities are in remote and isolated locations.
Consumers who are looking for a good debt counselors or credit providers can always check with NCR for the identification of individual companies. NCR maintains different providers that come under its umbrella. The organization also serves non-compliance notification to providers who deviate from the laws and regulations in order to force them to comply with the terms of the National Credit Act. Consumers can also file complaints against any service that they believe have deviated from the rules laid out by the agency. The legal organization has already serviced notification of non-compliance of various individuals and organizations in terms of sections 54 & 55 of the National Credit Act 34 of 2005.
In 2009 and 2010, the Listing Division provides agency reported a total of 4168 providers creditors have 33706 branches. It also recorded in 1642 debt counselors and 10 credit bureaus in the same two-year period.
Complaints handling and Resolution Department handled 3,497 formal complaints since April 2009 and March 2010. NCR solved 3.093 cases of over 88 percent of complaints. More than thirty percent of cases were resolved within the first 30 days. And more than fifty percent of the cases were resolved within 60 days.
As a result of resolving these issues, R 488 882 was refunded to consumers. In fact, since the beginning of NCR, the R 1.5 million have been refunded to consumers through the resolution of complaints. The organization seeks to resolve all complaints within 90 days. With over 80,000 calls come in each year, the rate of organization for resolving issues is amazing. All other departments National Credit regulator have equally remarkable track records.