[LISTEN] Do you need to provide proof of income when applying for credit?

Retailers no longer need documents proving income when shoppers apply for credit.

JOHANNESBURG - Jeannine Naude-Viljoen, Credit Bureau Association's executive manager, says the National Credit Act (NCA) was amended to impose stricter affordability criteria for lenders to apply.

“This was essentially to prevent reckless affordability practices and also to force lenders to make accurate affordability assessments.”

She adds that the repercussions to the Act's amendments is that some consumers found themselves excluded from obtaining credit.

Listen to the audio above for more.

(Edited by Refilwe Pitjeng)

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