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So, you’ve been blacklisted. What now?

People use the term blacklisted for a number of situations but no matter what definition you put to being blacklisted, it is not pleasant. It will make getting credit extremely difficult and will have other negative consequences as well. It will make renting property difficult, may cause difficulties in getting your child into some schools and could even prevent you from getting a job with many companies. You will not be able to get a credit card or a loan from most institutions and even store cards will be hard to come by. A cell phone contract is probably out of the question.

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How to check if you have been blacklisted?

Concerned you might be blacklisted?

Credit bureaus keep your credit history, both the good and bad aspects. Negative data can include slow or late payments, defaults or blacklisting. Of these, blacklisting is the most serious and will jeopardise your chances of getting finance. Theoretically, you should not be able to be blacklisted without being aware of it but it can and does happen. In order to ensure you are not blacklisted, it is important to check. Fortunately, this is easy.

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What is considered a good credit score in South Africa?

A good credit score is a valuable asset and worth working towards. Most South Africans find it extremely difficult to live without credit and a good score can save you a lot of money. It will give you better access to credit at a more favorable interest rate. Over time, this can save you a large amount of money.

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What is the law when it comes to companies and listing Judgments against you

When you owe a bank, financial institution or any other credit grantor money and you are not keeping payments up to date, they will try and make arrangements with you for the outstanding amount. If you fail to keep up with any payment arrangement or they cannot get hold of you, the account will be handed over to a debt collector.

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What happens to your credit when you get married?

For better or worse, for richer, for poorer

Marriage is a wonderful union but it is not just two people coming together. Invariably, finances and to an extent credit profile also become intertwined. Although you will still have a personal credit score, if you make joint purchases, a home, for example, this will affect both parties. The upside is that most lenders will look at the couple’s joint income which will be to your advantage.

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Credit Scores Vs. Credit Reports: What’s The Difference?

Taking good care of your credit rating is essential if you are looking to buy your first house or even that dream car you have always longed for. Any financial institution, be it a bank or other credit facility will always assess your creditworthiness to decide if they are willing to lend you the money needed.

But, do you know how to tell if your credit is in good shape or not? Knowing the difference between your credit score and credit report is of the utmost importance in seeking credit.

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How to create a Dispute with TransUnion

Nothing is more disappointing and embarrassing than being declined finance. This is especially true if you believe your credit history to be in good standing.

If you believe the information is incorrect you can log a dispute with TransUnion to try and get the issue solved as quickly as possible. Inaccurate credit information lowers your credit score and in some cases could indicate fraudulent activity. There are no fees involved when you log a dispute.
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How to create a dispute with Compuscan

Compuscan logoIf you find yourself in the predicament of not being able to secure credit due to your credit record score being low, yet you are unaware of why this has happened, you can log a dispute with Compuscan and ask them to investigate.
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Getting Creditors To Remove Late Payments

Late payments are the biggest reason for a low credit score…

Let’s face it, they can happen to anyone at any time due to circumstances and unfortunately can have a devastating impact on your credit score.

The downside of this is that it restricts the amount of credit you will qualify for and can lead to disappointment when you approach your financial institution for a loan.
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How do I read my credit report to detect problems?

Detecting problems on reportIt is always a good idea to check your credit report from time to time. Mistakes do happen or there is even a chance there is an outstanding debt you have forgotten about.

It is always better to be informed than to get an unpleasant surprise when you apply for credit.
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