How do I register?
Documents and information required for the application for Registration as a Credit Bureau in terms of Section 43 of the National Credit Amendment Act, 19 of 2014:.
1. Completed and signed application form (form 5)
2. Brief description of the organization’s business model
3. Companies and Intellectual Property Commission ( CIPC ) registration document or other legal registration document
4. Copy of the organization’s share certificate
5. Certified copies of ID/Passports of all members/directors or trustees
6. Resolution if applicant is a juristic person (see attached specimen)
7. A Police Clearance Certificate for all the 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.
8. Proof of payment of the registration fees:
· Non-refundable application fee of R550
· Initial registration fee as indicated in the table below
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
· Branch fee of R250 per location or premises at or from which the applicant conducts registered activities.
9. A letter from the bank confirming the applicant’s banking details or a copy of a cancelled blank cheque.
10. Proof of registration with the South African Revenue Services (SARS)
11. High level Organogram of the Organisation, including CEO and the 1st level of senior Management;
12. Information of the CEO and 1st level of senior Management
(i) Name of employee
(ii) Position in organization
(iv) Experience (number of months, years in current role and similar role)
13. Shareholding information of the organization;
14. Key contractors/Outsourced service Providers of the organization;
15. Copy of the service level agreement (SLA) with the key contractors/outsourced service providers;
16. Copies of the HR policies and procedures;
(i) code of conduct and disciplinary code
(ii) performance management
17. Copy of the training budget;
18. Copy of the latest external audit management letter (if applicable);
19. Copy of the latest internal audit submission to the main audit Committee (if applicable).
20. Copy of the latest management accounts
21. Copy of the latest audited financial statements
22. Copy of any due Diligence/Limited assurance report by external parties that was issued the past 12 months (if applicable).
23. Copy of the procedures that deal with the following:
(i) Acceptance of filing of consumer credit information;
(ii) Accuracy of consumer credit information
(iii) Retention of consumer credit information
(iv) Maintenance of consumer credit information
(v) Expunge of records that are not permitted;
24. Copy of information security policy
25. Business continuity management plan
26. List of exception reports run on data (e.g. Duplicate ID numbers);
27. Copy of disaster recovery plan;
28. Information on current litigation against the organization;
(i) Type, number and value of cases;
29. Copy of the policy and procedures for handling questions, concerns and complaints of consumers or credit providers.
30. Process map indicating the flow of information
31. A detail overview of the it infrastructure, systems and IT resources
32. 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).
33. 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).
34. Commitment in respect of credit bureau reporting requirements as stipulated in regulations 70 and 71.