South Africa - Apply for Credit Bureaux License

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Procedure

Apply In-Person:

1. To Apply for Credit Bureaus License, the applicant has to approach the National Credit Regulator offices link
2. An application form will be provided to the applicant by the concerned officer. Or the applicant can download the application form from the following link
3. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
4. Make sure that the applicant has to attach all the necessary documents that are mentioned in the “Required Documents” section of this page.
5. The applicant has to attach the photocopies of the required documents along with the application form while submitting.
6. Submit all the documents with the completed form to the concerned officer.
7. The applicant has to pay the prescribed fee as mentioned in “Fees” section of this page.
8. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
9. An acknowledgment receipt will be provided. Please save it for future reference.
10. Then the application will be processed further. All the updates on the application status will be sent via SMS to the applicant’s mobile number.
11. Once the process gets completed, the applicant gets the call from the office regarding the application.
12. This entire process can be completed within 30 days or as per the timeline advised by the respective department authority.

Apply by Mail

1. To Apply for Credit Bureaus License, the applicant has to mail the completed application to the National Credit Regulator offices link
2. An application form will be provided to the applicant by the concerned officer. Or the applicant can download the application form from the following link
3. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
4. Make sure that the applicant has to attach all the necessary documents that are mentioned in the “Required Documents” section of this page.
5. The applicant has to attach the photocopies of the required documents along with the application form while submitting.
6. Mail all the documents with the completed form to the National Credit Regulator office.
7. The mailing address is given in “Office Locations & Contacts” section of this page.
8. The applicant has to pay the prescribed fee as mentioned in “Fees” section of this page.
9. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
10. An acknowledgment receipt will be provided. Please save it for future reference.
11. Then the application will be processed further. All the updates on the application status will be sent via SMS to the applicant’s mobile number.
12. Once the process gets completed, the applicant gets the call from the office regarding the application.
13. This entire process can be completed within 30 days or as per the timeline advised by the respective department authority.

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Required Documents

• Completed application form link
• Brief description of the organization’s business model.
• Companies and Intellectual Property Commission (CIPC) registration document or other legal registration document.
• Copy of the organization’s share certificate.
• Certified copies of ID/Passports of all members/directors or trustees.
• Resolution of applicant (see attached specimen).
• A Criminal Clearance Certificate for all the members/directors or trustees issued by the South African Police Services (SAPS) or other service providers listed in the annexure attached hereto marked A. The clearance certificate must not be older than six (6) months.
• Proof of payment of the registration fee
• A letter from the bank confirming the applicant’s banking details or a copy of a cancelled blank cheque or a stamped copy of the bank statement.
• Proof of registration with the South African Revenue Services (SARS).
• High level Organogram of the Organisation, including CEO and the 1st level of senior Management;
• Experience (number of months, years in current role and similar role).
• Shareholding information of the organization (group structure). Copies of the legal registration documents and nature of business for each entity within the group (if applicable).
• List of key contractors/outsourced service providers of the organization and the services that they provide;
• Copies of the service level agreements (SLA) with the key contractors/outsourced service providers;
  • Copies of the HR policies and procedures
  • code of conduct and disciplinary code;
• performance management.
• Copy of the training budget.
• Copy of the latest external audit management letter (if applicable).
• Copy of the latest internal audit submission to the main Audit Committee (if applicable).
• Copy of the latest management accounts.
• Copy of the latest audited financial statements.
• Copy of any due Diligence/Limited assurance report by external parties that was issued in the past 12 months (if applicable).
• Copy of the procedures that deal with the following:
  • Acceptance of filing of consumer credit information;
  • Accuracy of consumer credit information;
  • Retention of consumer credit information;
  • Maintenance of consumer credit information;
  • Expunge records that are not permitted.
  • New customer onboarding procedure
• Copy of information security policy.
• Business continuity management plan.
• Copy of disaster recovery plan.
• List of exception reports run on data (e.g. Duplicate ID numbers).
• Information on current litigation against the organization.
  • Type, number and value of cases;
• Copy of the policy and procedures for handling questions, concerns and complaints of consumers or credit providers.
• Process map indicating the flow of information.
• A detailed overview of the IT infrastructure, systems and IT resources.
• PRO / Customer Liaison. A detailed overview of the company’s client base. The company’s value proposition and benefit to the consumer details of current consumer awareness campaigns and education drives and the target markets and audiences (relevance to Section 13 (a) and Section 72 (1) of the National Credit Amendment Act).
• Data. An overview of the company’s strategy and processes around data. Data sources, verification & validation processes, processes around loading and storage of data and processes with data suppliers and data sources (relevance to Regulation 17, 18, 19, 20 Section 70 (2), (3), Section 71 and Section 72 of the National Credit Amendment Act).

Office Locations & Contacts

NATIONAL CREDIT REGULATOR
127 - 15th Road
Randjespark
Midrand, 1683
232-15th Road (Call-Centre, Complaints and Investigations Department)
Randjespark
Midrand, 1683
Phone - 011 554 2700
Email: [email protected] , [email protected]
Complaints: [email protected]
NCR Reception: 011 554 2700
NCR Call Centre: 0860 627 627
Address and Contact Link

Eligibility

• The National Credit Regulator will not register a person as a credit bureau unless that person -
  • Maintains and imposes appropriate qualifications, competence, knowledge and experience requirements for its employees or contractor who will have the authority to represent it in any function under the Act;
  • Has sufficient human, financial and operational resources to enable it to function efficiently and to carry out effectively its functions in terms of the act or presents a credible plan to acquire or develop such resources;
  • Has adopted procedures to ensure that questions, concerns and complaints of consumers or credit providers are treated equitably and consistently in a timely, efficient and courteous manner, or presents to the NCR a credible plan to acquire or develop those procedures and;
  • Is registered with the South African Revenue Services.
• In addition to the requirements of section 46, a person may not be registered as a credit bureau if any person who has a controlling interest in the applicant is –
  • a credit provider;
  • a debt collection agency; or
  • a person who conducts any disqualified business
• A natural person may not be registered as a credit bureau.

Fees

• Non-refundable application fee of R550
• Branch fee of R250 per location or premises at or from which the applicant conducts registered activities
• Initial registration fee 0F R11 000, plus R5 per 1000 consumer credit enquiries. But not to exceed R210 000.

The consumer credit enquiries is the number of consumer credit enquiries for the past 12 months period up to the end of the last month prior to the date of application for registration as certified by the CEO of the applicant

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Application form link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• This entire process can be completed within 30 days or as per the timeline advised by the respective department authority.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicants must complete the application form before submitting it. Incomplete applications will not be accepted.
• Applicants must provide genuine information while applying for this procedure.

Required Information

• Name of applicant
• Legal status (Please tick appropriate box)
• CIPRO/other official registration number
• Date of commencement of trading
• Financial Year-End
• Income Tax registration number
• VAT registration number
• Contact detail of the Applicant
• Details of Auditor or Accountant
• Details of Compliance Officer
• Members, Directors, Trustees, Partners and General Managers of The Applicant
• Qualification, Competence, Knowledge & Experience
• Human, Financial and Operational Resources
• Details of Business Premises

Need for the Document

• Credit bureaus provide some of the information creditors and lenders use to help them make important lending decisions.
• Credit bureaus licensed by the RBI and are specialized financial institutions. They collect and maintain credit-related information of individuals and companies.

Information which might help

For more Information link

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link

Others

More information which might help people.