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National Credit Regulator
National Credit Regulator (NCR) is a South African government agency that regulates the credit industry in South Africa. The NCR was established under National Credit Act 34 of 2005 (the Act). The NCRt is tasked with carrying out education, research, policy development, registration of industry participants, investigation of complaints, and ensuring enforcement of the Act. The Act requires the NCR to promote an accessible credit market, particularly to address the needs of historically disadvantaged persons, low income persons, and remote, isolated or low density communities. The NCR is also tasked with the registration of credit providers, credit bureaus and debt counsellors; and enforcement of compliance with the Act. It is active in promoting financial inclusion policy and a member of the Alliance for Financial Inclusion. The role of the National Credit Regulator The National Credit Regulator has to * Register credit providers, credit bureau and debt counsellors, and mon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of South Africa
The Republic of South Africa is a parliamentary republic with three-tier system of government and an independent judiciary, operating in a parliamentary system. Legislative authority is held by the Parliament of South Africa. Executive authority is vested in the President of South Africa who is head of state and head of government, and his Cabinet. The President is elected by the Parliament to serve a fixed term. South Africa's government differs greatly from those of other Commonwealth nations. The national, provincial and local levels of government all have legislative and executive authority in their own spheres, and are defined in the South African Constitution as "distinctive, interdependent and interrelated". Operating at both national and provincial levels ("spheres") are advisory bodies drawn from South Africa's traditional leaders. It is a stated intention in the Constitution that the country be run on a system of co-operative governance. The national government is c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Africa
South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring countries of Namibia, Botswana, and Zimbabwe; and to the east and northeast by Mozambique and Eswatini. It also completely enclaves the country Lesotho. It is the southernmost country on the mainland of the Old World, and the second-most populous country located entirely south of the equator, after Tanzania. South Africa is a biodiversity hotspot, with unique biomes, plant and animal life. With over 60 million people, the country is the world's 24th-most populous nation and covers an area of . South Africa has three capital cities, with the executive, judicial and legislative branches of government based in Pretoria, Bloemfontein, and Cape Town respectively. The largest city is Johannesburg. About 80% of the population are Black South Afri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Credit Act
Credit agreements in South Africa are agreements or contracts in South Africa in terms of which payment or repayment by one party (the debtor) to another (the creditor) is deferred. This entry discusses the core elements of credit agreements as defined in the National Credit Act, and the consequences of concluding a credit agreement in South Africa. Credit transactions definitions Agreement - An “agreement” simply means a contract. Credit - “Credit” means a deferral or delay of payment of a sum of money to another person, or a promise to pay money. Credit provider - A credit provider is the party who supplies goods or services (in terms of an instalment sale agreement, for example), or who pays money (in terms, for example, of a secured or unsecured money loan, overdraft facility, pawn transaction or mortgage loan). The credit provider is often also referred to as “the creditor,” in particular when steps are taken to recover amounts due from the consumer. Consumer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Bureau
A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit reporting body in Australia, a credit information company (CIC) in India, Special Accessing Entity in the Philippines, and also to private lenders. It is not the same as a credit rating agency. Description A consumer reporting agency is an organization providing information on individuals' borrowing and bill-paying habits. Such credit information institutions reduce the effect of asymmetric information between borrowers and lenders, and alleviate problems of adverse selection and moral hazard. For example, adequate credit information could facilitate lenders in screening and monitoring borrowers as well as avoiding giving loans to high risk individuals. Lenders use this to evaluate credit worthiness, the ability to pay back a loan, and can a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Counseling
Credit counseling (known in the United Kingdom as Debt counseling) is commonly a process that is used to help individual debtors with debt settlement through education, budgeting and the use of a variety of tools with the goal to reduce and ultimately eliminate debt. Credit counseling is most often done by ''Credit counseling agencies'' that are empowered by contract to act on behalf of the debtor to negotiate with creditors to resolve debt that is beyond a debtor's ability to pay. Some of the agencies are non-profits that charge at no or non-fee rates, while others can be for-profit and include high fees. Regulations on credit counseling and Credit counseling agencies varies by country and sometimes within regions of the countries themselves. In the United States, individuals filing Chapter 13 bankruptcy are required to receive counseling. Overview In the United States, the National Foundation for Credit Counseling was established in 1951. The modern practice known as ‘‘credit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Inclusion
Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and services. These include banking, loan, equity, and insurance products. Financial inclusion efforts typically target those who are unbanked and underbanked, and directs sustainable financial services to them. Financial inclusion is understood to go beyond merely opening a bank account. It is possible for banked individuals to be excluded from financial services. Having more inclusive financial systems has been linked to stronger and more sustainable economic growth and development and thus achieving financial inclusion has become a priority for many countries across the globe. In 2018, it was estimated that about 1.7 billion adults lacked a bank account. Among those who are un-banked a significant number were women and poor people in rural areas a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alliance For Financial Inclusion
The Alliance for Financial Inclusion, or AFI, is a policy leadership alliance owned and led by member central banks and financial regulatory institutions with the common objective of advancing financial inclusion at the country, regional and international levels. Its members include roughly 100 institutions, being central banks, financial regulatory institutions, and financial inclusion policymakers from nearly 90 developing and emerging economies. AFI partners with regulators in advanced economies, international organizations and private sector leaders to drive practical solutions and facilitate the implementation of impactful policy changes through its cooperative model that embeds peer learning, knowledge exchange and peer transformation. AFI was founded on the idea that a global knowledge exchange platform was key to expanding and improving financial inclusion policies. Over the years, the AFI network – with financial and in-kind contributions from its members, funding fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Rights
Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection measures are often established by law. Such laws are intended to prevent businesses from engaging in fraud or specified unfair practices in order to gain an advantage over competitors or to mislead consumers. They may also provide additional protection for the general public which may be impacted by a product (or its production) even when they are not the direct purchaser or consumer of that product. For example, government regulations may require businesses to disclose detailed information about their products—particularly in areas where public health or safety is an issue, such as with food or automobiles. Consumer protection is linked to the idea of consumer rights and to the formation of consumer organizations, which help consumers make better choices in the marketplace and pursue complaints against businesses. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alternative Dispute Resolution
Alternative dispute resolution (ADR), or external dispute resolution (EDR), typically denotes a wide range of dispute resolution processes and techniques that parties can use to settle disputes with the help of a third party. They are used for disagreeing parties who cannot come to an agreement short of litigation. However, ADR is also increasingly being adopted as a tool to help settle disputes within the court system. Despite historic resistance to ADR by many popular parties and their advocates, ADR has gained widespread acceptance among both the general public and the legal profession in recent years. In fact, some courts now require some parties to resort to ADR of some type like mediation, before permitting the parties' cases to be tried (indeed the European Mediation Directive (2008) expressly contemplates so-called "compulsory" mediation. This means that attendance is compulsory, not that settlement must be reached through mediation). Additionally, parties to merger and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Department Of Trade Industry And Competition
Department may refer to: * Departmentalization, division of a larger organization into parts with specific responsibility Government and military *Department (administrative division), a geographical and administrative division within a country, for example: **Departments of Colombia, a grouping of municipalities **Departments of France, administrative divisions three levels below the national government **Departments of Honduras **Departments of Peru, name given to the subdivisions of Peru until 2002 **Departments of Uruguay *Department (United States Army), corps areas of the U.S. Army prior to World War I *Fire department, a public or private organization that provides emergency firefighting and rescue services *Ministry (government department), a specialized division of a government *Police department, a body empowered by the state to enforce the law *Department (naval) administrative/functional sub-unit of a ship's company. Other uses * ''Department'' (film), a 2012 Bollywood ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Scoring
A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report, information typically sourced from credit bureaus. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. Credit scoring is not limited to banks. Other organizations, such as mobile phone companies, insurance companies, landlords, and government departments employ the same techniques. Digital finance companies such as online lenders also use alternative data sources to calculate the creditworthiness of borrowers. By country Australia In Australia, cre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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