He was commenting on yesterday's release of the figures for the quarter ended December 2009, which showed that that nearly half (45.3%) of the 18.07 million credit-active, consumers on record are struggling to meet their debt obligations. Further analysis shows the growth in the number of accounts falling within the three plus months' arrears category has risen by just over half a million accounts to 10.16 million. It does appear that the rate at which consumers are falling into the impaired record category is slowing.
The volume of credit enquiries reached 146.88 million, in the quarter ended December 2009 reflecting a higher increase than that of the December 2008 quarter - 1,3 million enquiries versus 430 000. The number of enquiries made on consumer credit records during the quarter was an increase of 0.4% quarter-on-quarter and 44.7% year-on-year. The statistics do indicate a continued increase in overall marketing of credit products. However, a significant percentage of enquiries appear to relate to risk management by banks and retailers.
A pleasing trend is evident in the increasing demand by consumers for access to their personal credit records. There were 65 082 free credit reports issued for the December 2009 quarter and consumers had to pay for 10 935 credit reports. Consumers lodged 10 573 disputes on information held on their credit records, a 1.7% increase quarter-on-quarter and 17.2% increase year-on-year.
The demand for access to personal credit records is likely to be sustained as credit bureaus and the National Credit Regulator continue to implement campaigns encouraging consumers to review and manage their credit information.
