The NCR Credit Bureau Report 1st Quarter 2017
The information reflected in the latest edition of the National Credit Regulator’s Credit Bureau Monitor covers the period from the quarter ended March 2013 to March 2017 and is based on data held by the 13 registered credit bureaus in terms of the National Credit Act No 34 of 2005. It focuses in on the first 3 months of 2017 (Jan – March).
Lots of Credit Users
At the end of March 2017, the various credit bureaus held records for 24.68 million credit-active SA consumers. That’s more than half the population.
There was some good news as the number of people with “impaired” records went down by 72 000 people. The figure dropped from 20.01 Million impaired accounts to just under 19 million accounts. The 72 000 people had around 307 000 accounts between them which they managed to bring up to date (or a lot less in arrears).
Around 12 – 14000 people apply for debt review each month. In 3 months that is around 36 000 – 42 000 consumers. It is not indicated if these figures are part of the change in listings.
Percentage wise this means that 21.7 % of consumers are more than 3 months in arrears (they need debt review big time!!), 11.4% have adverse listings and 6.2% of all consumers have judgements and admin orders.
12.5% of credit users are a month or two in arrears. These consumers would be wise to approach a Debt Counsellor if they feel they cannot catch up and things are not improving. Waiting too long will only make things worse and result in more stress and more costs.
Complain If You Need To
The CBM indicates that a few less people (compared to the end of the year) had a look at their credit bureau reports to check on their score and listings than expected. More complaints about information showing on reports were resolved in favour of consumers than in previous months. In those cases, only 13% of the complaints resulted in no change to the listing whatsoever. If you have a query about a listing on your credit report you can use each credit bureaus online complaint forms and it takes about a month to resolve.
Download the Report Here