What Is The Central Credit Register?
What Is The CCR?
In 2005 when the National Credit Act (NCA) was being put together it was planned that there would need to be a central list of all credit being used by South Africans.
This was to be called the Central Credit Register or CCR.
It was also decided that the new National Credit Regulator (NCR) which would come into effect would oversee and manage this register as part of their job. They would register all credit providers and industry role players and establish regional offices for consumers to visit and set up the CCR.
When the National Credit Act came into effect in 2007 everyone expected that the NCR would soon set up the Central Credit Register. This did not happen. Time went by and still years later the register was not yet set up.
Many Years Later
After 11 years other new laws were created and came into effect such as the Financial Sector Regulation Act (FSRA). In that Act, the South African Reserve Bank (SARB) was tasked with protecting and enhancing financial stability. Key to doing so is having sufficient information about who has credit and how much etc. Rather than have information spread out all over the place with different credit providers or recorded at different credit bureaus a single source of information would be invaluable.
‘As a result, the SA Reserve Bank Governor went to the Department of Trade & Industry and asked that the CCR be set up’
As a result, the SA Reserve Bank Governor went to the Department of Trade & Industry (DTI) and asked that the CCR be set up as was required in the National Credit Act years before.
A steering committee was set up in 2019 and different regulatory bodies invited to take part in planning and discussing the CCR such as the NCR, SARB, National Treasury, DTI, Financial Sector Conduct Authority, Financial Intelligence Centre and Prudential Authority.
A Little Longer?
It now seems that after a really long time, due to pressure from the SARB, this Central Credit Register will be set up in the not too distant future.