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NCR - The National Credit Regulator Of South Africa

June 28, 2012 | Comments: 0 | Views: 208

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 are required to register under the NCR. The NCR in turn monitors these agencies, and enforces compliance with the National Credit Act 34 of 2005.

The regulating agency is also responsible for various other functions such as research, education, policy development, complaint investigation, member registration, and policy enforcement. The main goal of the agency is to make the credit market easily accessible for people in financial need. The NCR is particularly focused on catering to people from low income groups, and low density communities that are in remote and isolated locations.

Consumers who are looking for good debt counselors or credit providers can always check with the NCR for the individual companies' credentials. NCR keeps track of the different service providers that come under its umbrella. The agency also serves non-compliance notices to service providers who deviate from rules and regulations, in order force them to comply with the terms of the National Credit Act. Consumers can also lodge complaints against any of the service providers they feel have deviated from the rules laid out by the agency. The regulating agency has already serviced notices of non-compliance to various individuals and organizations in terms of Sections 54 & 55 of the National Credit Act 34 of 2005.

During 2009 and 2010, the Registrations Department of the regulating agency registered a total of 4168 creditor providers having 33706 branches. It also registered 1642 debt counselors and 10 credit bureaus during the same two year period.

The Complaints handling and Resolution Department handled 3,497 formal complaints between April 2009 and March 2010. The NCR resolved 3,093 cases which amounts to over 88 percent of the complaints. More than thirty percent of the 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 cases, R 488,882 were refunded to consumers. In fact, since the inception of NCR, over R 1.5 million have been refunded to consumers through resolution of complaints. The agency strives to resolve all complaints within a maximum of 90 days. With over 80,000 calls coming in every year, the agency's rate of resolution of cases is quite amazing. All the other departments of the National Credit Regulator have equally remarkable track records.

You can learn more about the National Credit Regulator of South Africa by visiting http://www.ncr-help.co.za/

Source: EzineArticles
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