National Credit Act 34

Act 34, the National Credit Act, illustrates the boundaries and rules for credit management in South Africa, as well as dealing with different elements of credit consumers are exposed to. Created and enforced to promote a fair and non-discriminatory marketplace, affording a full range of consumers the chance to take credit. A main focus of the act is to improve standards for better understanding of the use of credit, as well as promote BEE and ownership within the consumer credit industry.

Not only limited to these areas, the act also includes the limitation of certain unfair credit and credit-marketing practices, the promotion of responsible credit use and prohibition of reckless lending, provisions for debt reorganisation in cases of over indebtedness, the regulation of credit information, provisions for registration of credit bureaus, providers and counselling services. As well as the establishment of national norms and standards relating to consumer credit. Promoting consistent enforcement of the framework, the regulator and the formation of the National Consumer Tribunal have increased authority after this act, allowing them to act as a monitoring body for the industry. This also has a huge impact on the dealing of credit bureau in South Africa.

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