Your consumer rights under The National Credit Act (NCA)

The NCA was promulgated to protect you, the consumer from becoming over-indebted and aims to regulate the entire credit market. In my article about Check your Credit Record I touched on one of the new consumer rights under the NCA namely the right to be able to validate and rectify your credit record information.

If you have checked your credit record and found that there is an irregularity with your credit transactions, you should contact the credit provider in question to rectify the situation.

If you are of the opinion that the situation cannot be resolved you could direct your complaint to the National Credit Regulator.

The toll-share number for the National Credit Regulator’s Call Centre is: 0860 627627

If your complaint is with one of the banks concerning financial matters etc, it should be directed to the Ombudsman for Banking Services.

The Ombudsman for Banking Services,
P O Box 5728,
Johannesburg,
2000

Telephone: 011 838 0035 / 086 0800900
Fax: 011 838 0043
E-mail: info@obssa.co.za

It is good thing to buy on credit. Buying on credit enables you to build a good credit record. You always have to pay on time and act within the relevant sale agreement.

When applying for a bond, all your monthly repayments will be taken into account under the NCA and remember all your creditors are listed on a national loans register. It is therefore good to pay off all your small debt before applying for a home loan.

Other rights under the act are:

• Any adult person has the right to apply for credit, but not everyone has the right to be granted credit.
• You have the right to ask why credit was refused.
• You have the right to receive documentation that you can understand and that is written in plain language.
• Everyone has the right to confidential treatment.