The Department of Trade, Industry and Competition has called for input on the proposed amendments to the National Credit Regulations under the National Credit Act 34, 2005. Published in Government Gazette No. 53154 on 13 August 2025, these draft amendments aim to strengthen the way credit providers, credit bureaus, and consumers interact in the financial environment. The proposed regulations affect the responsibility of credit bureaus regarding maintaining and retaining consumer information, submission of consumer information to credit bureaus and method credit providers use when assessing consumer income in relation to the ability to pay the instalments.
The changes are proposed to Regulation 18, 19 and 23A of the National Credit Regulations.
The first set of proposed amendments targets Regulation 18, which governs how consumers and persons are identified within the credit system. The updated provisions emphasise the use of identity numbers, passport numbers, or other reasonable identifiers to ensure accurate recordkeeping. Where such identifiers are unavailable, credit providers are required to employ alternative reasonable methods of identification.
Importantly, new paragraphs have been introduced to address the realities of small business credit applications. These provisions require consideration not only of the small business itself but also of the financial position of related persons. Additionally, the amendments highlight the ongoing responsibilities of credit providers in credit risk management and customer credit agreement oversight.
Credit bureaus will also have expanded authority to collect and report consumer information, including payment histories for goods, services, and utilities. They may now also receive data from a wider pool of sources such as insurers, educational institutions, fraud investigation entities, and debt collectors, provided these originate from legitimate sources.
The amendments to Regulation 19 clarify the type of information credit bureaus must receive and maintain. This includes personal details such as names, identity or passport numbers, and date of birth. Where applicable, residential or business addresses, employment details, and industry classification for businesses must also be included.
Furthermore, credit providers and data providers will be obliged to submit credit information in accordance with the guidelines and conditions set by the National Credit Regulator (NCR). This alignment is designed to improve consistency, accuracy, and transparency in the data held by credit bureaus.
One of the most impactful sets of amendments relates to Regulation 23A, which governs affordability assessments. Credit providers will now be required to take practical steps to evaluate a consumer’s discretionary income, financial means, and reasonable revenue flows from commercial activities financed through credit.
The validation of gross income or financial prospects is also mandated, ensuring that credit agreements are underpinned by realistic assessments rather than assumptions. To standardise affordability checks, credit providers must use a minimum expense norms table structured according to income brackets when calculating financial obligations. However, this table explicitly excludes small businesses, which must instead disclose realistic business expenditure directly to credit providers.
The Department has emphasised the importance of public participation in shaping these regulations. Interested stakeholders, including consumers, businesses, and industry representatives, are invited to submit comments by 13 September 2025. Submissions can be made electronically via email to credit@thedtic.gov.za, by post to the Director General of the Department, or delivered by hand to the Department’s offices in Pretoria.
These amendments mark a decisive step toward tightening oversight in South Africa’s credit market. By enhancing consumer identification processes, standardising data submissions, and reinforcing affordability checks, the proposed changes seek to balance credit access with financial stability.