Highlights From The NCR’s Credit Bureau Monitor

John Vaughan (Financial Advisor) @ Lucid Living

As at end of September 2011, credit bureaus had records for 19.10 million credit-active consumers, an increase of 1.4% over the 18.84 million reported for the quarter ended June 2011. Consumers classified in good standing increased by 232 000, a 0.5% increase in proportion to the total number of credit-active consumers. The number of consumers with impaired records increased by 24 000 to 8.83 million.

The credit bureau statistics indicate that consumer performance is holding steady, the acting CEO of the National Credit Regulator, Nomsa Motshegare said.

Enquiries made by debt collection agencies, to the credit bureau increased by 44.6% quarter-on-quarter.

Consumers received 100 885 credit reports during the September 2011 quarter. Of the total credit reports issued, 81.6% (82 348) were issued without charge and the remaining 18.4% (18 537) were issued with charge.

There were 7070 disputes lodged on information held on consumer credit records for the quarter ended September 2011, which was an increase of 9.8% quarter-on-quarter and a decrease of 68.7% year-on-year. More disputes were resolved in favour of the complainant (5652) when compared to disputes where the record remained the same (1305). “This highlights the poor accuracy of information contained on credit reports,” advised Adv Kate Thambiran, MD of Lucid Living.

“To ensure that they are not declined credit, as a result of inaccurate and outdated information on their credit reports, we strongly advise consumers to regularly review their credit report.” “If errors are identified, we assist consumers to have the information corrected with all credit bureaus, in the most efficient manner,” continued Adv Thambiran.