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Amending Regulations

The Department of Trade, Industry and Competition has published draft changes to the regulations under the National Credit Act, and the public has until 12 September 2025 to comment.

The proposed amendments will directly affect how credit bureaus keep information, how credit providers submit that information, and how affordability assessments are carried out.

These changes are important because they touch on how South Africans are assessed for possible credit.

Regulation 18 – Keeping and Sharing Consumer Information

The first area of change is Regulation 18, which deals with how credit bureaus maintain and retain consumer credit information.

The draft amendments aim to improve the accuracy of identification by requiring identity numbers, passport numbers, or business registration numbers. If those are not available, other reasonable methods must be used to avoid mistakes.

Another key part of the draft regulation is the expansion of who can submit information to credit bureaus. In addition to banks and credit providers, now other bodies such as courts, utilities, insurance companies, fraud investigators, schools, and even debt collectors could provide information. This means that credit records will potentially include a wider range of data, which could affect how consumers are viewed when applying for credit.

The regulations also include provisions for small businesses. Credit providers will need to assess not only the business itself but also related persons, such as directors or partners, to get a full picture of financial risk.

Regulation 19 – Submitting Consumer Information

Regulation 19 covers what information credit providers must send to credit bureaus.

The draft changes aim to standardise this process to ensure consistency. Submissions will need to include details like full names, ID or passport numbers, date of birth, residential address, phone number, and employer details (if available).

The National Credit Regulator (NCR) will set the exact format and manner of these submissions. The goal is to ensure that all credit bureaus receive the same quality and type of information, helping avoid errors or gaps in consumer records.

Regulation 23A – Affordability Assessments

Perhaps the most impactful changes are in Regulation 23A, which sets out how affordability assessments are conducted.

Affordability assessments are used by credit providers to decide if someone can realistically repay credit. The new draft requires providers to consider discretionary income (the money left after essentials), as well as potential income from commercial activities funded by the credit itself. Credit providers must take “practicable steps” to verify gross income, and they must also look at assets that could be sold and reasonable future revenue from business purposes.

When calculating expenses, providers must use the official minimum expense norms table (which unfortunately are currently very outdated). However, that would not apply to small businesses, which would instead have to disclose their realistic business costs.

Have Your Say

These amendments are still in draft form, but if adopted, they will shape how South Africans are assessed for credit in the future.

For consumers, this could mean more accurate credit records and stricter affordability checks. That’s probably a good thing.

For credit providers, it will mean closer compliance and clearer rules. Also, a good thing.

The DTIC has invited all interested parties to comment on the draft by 12 September 2025. Submissions can be made by post, hand-delivered to the DTIC offices in Pretoria, or emailed to Credit@thedtic.gov.za.