Legislation affecting Credit Bureaus
All companies registered in South Africa are subject to the provisions of the Companies Act, 71 of 2008.
More specifically however, credit bureaus are governed by the provisions of the National Credit Act, 34 of 2005 and the Regulations pursuant thereto (“NCA”) and regulated by the National Credit Regulator (“NCR”). The NCR from time to time issues Guidelines and Circulars applicable to credit bureaus. The NCA and its Regulations, as well as the Guidelines and Circulars applicable to credit bureaus are attached hereto.
Once effective, credit bureaus will also be governed by the Protection of Personal Information Act, 4 of 2013 (“PoPIA”) and regulated by the PoPIA regulator. The PoPI Act is attached herewith.
Also attached, are various draft Regulations applicable to credit bureaus, to which the CBA has commented on behalf of the credit bureaus.