National Credit BureauThe National Credit Bureau
The Minister of Trade and Industry on 11 May 2016 issued the definition of a limit for the registering of lenders under National Credit Act No 34 of 2005 ("NCA"). Currently, the thresholds are set at R500,000, which means that a lender only has to request national credit supervision ("NCR") to register if the main obligation of that lender is in excess of R500,000.
From 11 November 2016, however, the thresholds will be zero (R0) and all lenders, regardless of the amount of the main obligation, must be recorded with the NCR. It is a material amendment for the NCA as all credit arrangements entered into with an entity that is not a creditor are illegal and invalid and such creditor is not entitled to any amount due under the credit arrangement.
In addition, a creditor may be held responsible for a penalty if such non-compliance is remitted to the National Consumer Court and convicted of unlawful behaviour. Claim, registry and extension charges for lenders, credit bureaux, credit counselors, paying agencies and ADRs were also changed on 11 May 2016 and are available on the website:
Koreans credit cardholders bid farewell to major privacy breaches - The Register
It is assumed that the absorption of the levies took place between May and December last year. Korea Credit Bureau's national credit bureau status gave it easy entry to a database managed by South Korea's three major credit cards companies: Kookmin KB Cards, Lotte Cards and NH Nonghyup Cards.
The bosses of the three companies apologized in public for the breaches before they offered to step down, as we doubted in one stylish move that many West leaders would be following in the same direction due to the blame for the entire sad commotion. "Attorneys also ruled that there was no further loss of the stole information as they detained those who first stole and circulated the information.
" Ever since the stolen information, about half a million consumers have requested spare credit card, CNN reported. As an example, two hair-trippers were detained for having received the illegal private information of 8.7 million KT cell phone users before they were sold to telemarketers in 2012.