A credit bureau, South Africa based, must be registered with the National Credit Regulator (NCR) which is responsible for the enforcement of the National Credit Act No 34 of 2005. The registered credit bureau in South Africa can be described as a firm that is registered to collect information and updates of the credit spending and payment of a consumer.
As such this institute creates records of the consumer’s credit history including the effective management of credit by the consumer.
If the complaint is not addressed the consumer can contact the Credit Information Ombudsman or the NCR for assistance.
In essence then, the credit bureau in South Africa has as function collection of consumer credit information and must comply with the regulations of the National Credit Act enforced and overseen by the NCR.
Credit Bureau In South Africa – Functions And Obligations