FNB is here to help you. Do you know that in terms of the National Credit Act No.34 of 2005, you are entitled to one Credit Report once a year, in your month of birth.
Apply here for your Credit Bureau Report
If you need additional reports
You may obtain these at any other time against payment of the Credit Bureau Fee.
Please direct any queries with regard to the Credit Bureau Report to:
Telephone: +27 (0) 11 214 6000/0861 482 482
Email: webmaster@transunionitc.co.za
Operating hours: Monday to Friday 08h00 to 17h00 and Saturdays from 08h00 to 13h00
Credit bureaus: The Act gives consumers the right to access and challenge their credit record and information held by credit bureaus. In addition, all information that credit bureaus keep about consumers is regulated.
Language: Consumers have the right to receive documents in plain and understandable language and they may also request a document in any one of two official languages.
The Act aims to put a stop to misleading advertising around credit, credit products and facilities, and the cost of credit.
All new credit agreements need to disclose interest rates, fees and additional charges and also subjects interest rates charged to a maximum rate of interest that may be charged.
These cost controls prohibit interest or other costs in excess of those prescribed rates.
Add-on costs for insurance are prohibited. All costs must be advised in advance and the consumer has the right to arrange insurance directly, rather than pay the credit provider to do so, and to choose to arrange his or her own insurance policies.
The Act aims to promote responsible credit granting and use.
To achieve this, when a customer applies for credit, a credit provider would need to check whether the consumer can afford the credit because if no check is done or if it can be shown that the consumer clearly could not afford to repay the credit agreement, it could be alleged that the credit provider has granted the credit recklessly, with severe consequences to that credit provider.
During this affordability assessment, the onus is on the consumer to fully and truthfully answer any request by the credit provider for information. In the case where a consumer gets into too much debt, a debt counselling service is offered.
The National Credit Regulator will monitor credit providers and their compliance with the Act and regulations.
A National Consumer Tribunal is established to adjudicate in a wide variety of applications, and to conduct hearings into complaints.
First National Bank, as a registered credit provider, fully supports the National Credit Act.
In a nutshell, the Act:
Who the Act applies to
The NCA applies to credit agreements with all consumers entered into after 0I June 2007, and to entities whose asset value or annual turnover is below R1 million, such as:
This new legislation will affect you if you are applying for any of the following types of products
A short-term credit facility to cover unforeseen expenses or to serve as a safety net
A credit card can be a convenient way to pay for almost anything, from a new pair of shoes to a holiday in the sun without having to use cash
A sale of movable property where the payment of the full price of the goods is delayed and is to be paid out in regular payments over an extended and agreed period
A legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property
A type of lease in which a finance company is typically the legal owner of the asset during the duration of the lease