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Questions and Answers
A consumer whose debts have been rearranged in terms of the Act may apply to a credit bureau for a clearance certificate.
A consumer whose debts have been rearranged in terms of the Act may apply to a credit bureau for a clearance certificate.
False
A credit provider must automatically qualify a consumer for a loan without assessing their creditworthiness.
A credit provider must automatically qualify a consumer for a loan without assessing their creditworthiness.
False
A consumer has the right to inspect their credit records at a credit bureau or national credit register without charge.
A consumer has the right to inspect their credit records at a credit bureau or national credit register without charge.
True
A credit provider may report adverse information to a credit bureau without notifying the consumer.
A credit provider may report adverse information to a credit bureau without notifying the consumer.
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A consumer may only challenge the accuracy of information held by a credit bureau or national credit register in writing.
A consumer may only challenge the accuracy of information held by a credit bureau or national credit register in writing.
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A credit provider may increase a credit limit without the consumer's consent.
A credit provider may increase a credit limit without the consumer's consent.
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A credit provider may engage in telemarketing, email, or SMS marketing to a consumer without their consent.
A credit provider may engage in telemarketing, email, or SMS marketing to a consumer without their consent.
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A consumer has no right to exclude themselves from receiving marketing communication from a credit provider.
A consumer has no right to exclude themselves from receiving marketing communication from a credit provider.
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A consumer who applies for debt review is never considered over-indebted.
A consumer who applies for debt review is never considered over-indebted.
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A credit provider can take steps to enforce an agreement before a debt review is initiated.
A credit provider can take steps to enforce an agreement before a debt review is initiated.
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A debt counsellor can only request a consumer to participate in reviewing their indebtedness.
A debt counsellor can only request a consumer to participate in reviewing their indebtedness.
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A debt rearrangement plan can only be agreed upon by the consumer and the credit provider.
A debt rearrangement plan can only be agreed upon by the consumer and the credit provider.
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A credit agreement can require payment for any additional fees beyond the principal debt and interest.
A credit agreement can require payment for any additional fees beyond the principal debt and interest.
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The maximum interest rate for a credit agreement is determined by the credit provider.
The maximum interest rate for a credit agreement is determined by the credit provider.
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When terminating a credit agreement, the consumer must first pay the principal debt and then the interest charges.
When terminating a credit agreement, the consumer must first pay the principal debt and then the interest charges.
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A credit provider can charge a higher price than the maximum prescribed rate for a credit agreement.
A credit provider can charge a higher price than the maximum prescribed rate for a credit agreement.
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A credit provider can repossess goods without a court judgment under a credit facility agreement.
A credit provider can repossess goods without a court judgment under a credit facility agreement.
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A consumer's credit record is only affected by credit agreements that are in arrears.
A consumer's credit record is only affected by credit agreements that are in arrears.
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Debt review is only applicable to consumers who have a total debt of more than R250 000.
Debt review is only applicable to consumers who have a total debt of more than R250 000.
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Credit marketers are allowed to contact consumers who have opted out of receiving credit marketing offers.
Credit marketers are allowed to contact consumers who have opted out of receiving credit marketing offers.
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A credit provider must provide a consumer with a credit report before entering into a credit agreement.
A credit provider must provide a consumer with a credit report before entering into a credit agreement.
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The National Credit Act applies to all credit agreements in South Africa, regardless of the amount or type of credit.
The National Credit Act applies to all credit agreements in South Africa, regardless of the amount or type of credit.
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A credit provider can only report a consumer's adverse credit information to a credit bureau with the consumer's consent.
A credit provider can only report a consumer's adverse credit information to a credit bureau with the consumer's consent.
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A consumer has the right to dispute the accuracy of their credit report at any time.
A consumer has the right to dispute the accuracy of their credit report at any time.
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