National Credit Act
In South Africa, your credit profile is one of the most important tools lenders use to assess your ability to manage debt. But have you ever wondered how your credit information actually gets to the credit bureaus — and why sometimes, not all the bureaus have the same information?
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It happens far too often: a hopeful homebuyer applies for a bond, only to be told that their application was declined—without a proper explanation. Many people assume that’s the end of the road, and they walk away discouraged, confused, and unsure of what went wrong.
But here’s the truth: You have the right to know why your application was declined. In fact, South African law is very clear on this.
The National Credit Act (“NCA”) of 2005 is a law designed to regulate the consumer credit market in South Africa. It aims to promote a fair and accessible credit environment, protect consumers, and encourage responsible credit practices. How does that shape the landscape for consumers?
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