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Cabinet approves credit amnesty

The cabinet has agreed to a credit amnesty after it approved the recommendations of the Select Committee on Trade and International Relations of the National Council of Provinces.

This means that the credit bureau will removed adverse credit information, especially on consumers who have paid their debts.

"This seeks to address the issue of access to credit to those South Africans that can afford credit. These are consumers who may have paid their debts in full and are in a position to afford credit but whose access is currently impeded by negative credit information on their record," Cabinet said in a statement.

"This is primarily about ensuring that the National Credit Act (Act 34 of 2005) works as intended in terms of ensuring that consumers who can afford credit can be able to access it. Inaccessible or expensive credit hinders growth. Access to sustainable credit market is essential to all developmental goals."

Cabinet also approved the National Credit Amendment Bill for introduction to Parliament.

According to a Business Day report, the bill seeks to strengthen the National Credit Regulator capacity to address certain challenges especially around court processes. It also seeks to strengthen the enforcement of the National Credit Act.

According to the Cabinet statement, the Department of Trade and Industry concluded after a comprehensive review that the policy framework on Consumer Credit, on which the National Credit Act is founded, was sound and relevant.


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