Bad credit records increase marginally for 4Q 2010
In a quarter-on-quarter comparison between the December 2010 and September 2010 quarters, the National Credit Regulator (NCR) reported that the number of consumers with impaired records increased to 8.61m. This indicates a deterioration in the credit records of 120 000 (0.2%) consumers quarter-on-quarter and 426 000 (1.2%) year-on-year. In terms of accounts, the number of impaired accounts decreased by 189 000, to 16.36 million. This is a decrease of 0.2% over the previous quarter.
Nomsa Motshegare, Acting CEO of the NCR, said earlier this week that the credit bureau statistics indicate a minor decline in consumer credit standing.
- 176.65 million enquiries were made on consumer credit records - decrease of 6.9% quarter-on-quarter and an increase of 20.3% year-on-year
- Enquiries initiated by consumers accounted for 11.68 million of all enquiries, an increase of 9.6% quarter-on-quarter and 12.8% year-on-year
- Number of credit reports issued to consumers increased to 79 635
- 82.9% (66 034) were issued without charge and 17.1% (13 601) were issued with charge
- Banks and other financial institutions accounted for 54.2% of enquiries in the quarter,
- Retailers accounted for 14.9%
- Telecommunications providers accounted for 14.8%
- Banks and other financial institutions' enquiries increased by 25.3% from the previous quarter,
- Retailers decreased by 54.7%
- Telecommunication providers decreased by 4.3%
- 14 836 disputes lodged on information held on consumer credit records for the quarter ended December 2010, which was a decrease of 34.3% quarter-on-quarter and an increase of 40.3% year-on-year.
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