National Credit Regulator Release, 4 December 2013.
Nomsa Motshegare, CEO of the National Credit Regulator, said today that the credit bureau statistics reported for the quarter ended September 2013 indicate that consumers are drowning further in debt. She encouraged consumers to monitor their budgets closely and carefully during the National Credit Regulator and to save enough for the coming year. She further warned consumers against the reckless spending of their hard-earned bonuses.
Credit bureaus held records for 20.29 million credit-active consumers, an increase of 0.4% when compared to the 20.21 million in the previous quarter. Consumers classified in good standing increased by 9,000, to 10.53 million consumers. As a percentage of the total number of credit-active consumers at 51.9%, this reflects a decrease of 0.1% quarter-on-quarter and 1.1% year-on-year.
The number of consumers with impaired records increased by 71,000 to 9.76 million, from 9.69 million in the previous quarter. As a percentage of the total number of credit-active consumers at 48.1%, this reflects an increase of 0.1% quarter-on-quarter and 1.1% year-on-year %.
The number of accounts decreased from 71.20 million in the previous quarter to 71.17 million. The number of impaired accounts increased from 18.87 million to 19.25 million when compared to the previous quarter, an increase of 375,000 quarter-on-quarter and 1.99 million year-on-year.
A total of 357.65 million enquiries were made on consumer credit records, a decrease of 0.7% quarter-on-quarter and an increase of 11.5% year-on-year. Enquiries initiated by consumers accounted for 16.16 million of all enquiries, an increase of 1.6% quarter-on-quarter and 1.5% year-on-year.
Of the total enquiries made on consumer records, enquiries from banks and other financial institutions accounted for 85.1%, enquiries from retailers accounted for 3.2% and enquiries from telecommunication providers accounted for 4.6%. Banks and other financial institutions’ enquiries decreased by 0.2% from the previous quarter, retailers decreased by 43.3% and telecommunication providers increased by 12.1%.
The number of credit reports issued to consumers increased to 164,437. Of the total credit reports issued, 77.0% (126,591) were issued without charge, and the remaining 23.0% (37,846) were issued with charge. There were 21,466 disputes lodged on information held on consumer credit records for the quarter ended September 2013, an increase of 14.2% quarter-on-quarter and 39.8% year-on-year
Comparisons in this release – ‘quarter-on-quarter’ refers to a comparison between the September 2013 and June 2013 quarters, and ‘year-on-year’ refers to a comparison between the September 2013 and September 2012 quarters.
For the full report of the Credit Bureau Monitor reported for the quarter ended September 2013, please contact Silindile Nyathikazi via email@example.com
Telephone: (011) 544 1900
ON BEHALF OF:
THE NATIONAL CREDIT REGULATOR