Real Estate Investor Magazine South Africa May/June 2015 | Page 24

FINANCE

Getting Credit
New Regulations Affect How Potential
Landlords Can Access Finance
BY MICHELE DICKENS

T

he National Credit Amendment Act was
released in March this year after a draft of the
Act was proposed in May last year. There are
some new regulations, which now govern the way in
which credit bureaus run and how property investors
can access finance such as a home loan.
The most debated amendment is the introduction
of Section 71A, in terms of which credit providers
and credit bureaux must remove any adverse credit
information of a consumer once the consumer has
paid its debts in full, giving the consumer a ‘clean slate.’
Credit history or good and bad credit records will be
a thing of the past. Although, \