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How to Clear Your Name at the Credit Bureaus

  • People who incur unnecessary debt find themselves in a position where they are no longer able to service those debts. Failure to pay debts has long-term consequences. Your name will be registered with the credit bureaus. The next time you apply for debt, your name will be flagged. This means you’ve been blacklisted and won’t qualify for a loan.
  • Failing to pay off furniture you bought on credit could mean that when you’re ready to settle down, you won’t qualify for a bond. Being blacklisted by the credit bureaus can derail your future plans.
  • The good news is that it is possible to clear your name with the credit bureaus. It might not be an easy road ahead. However, it’s worth it for your financial future if you can get yourself on the right side of the credit bureaus.
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How to Calculate Your Debt-to-Income Ratio

  • We all dream of a debt-free life, but most of us are not that fortunate.
  • Maybe we enjoy our shopping sprees a little too much, and we’ve racked up quite a debt. If that’s the case, it’s time to get your finances into shape.

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Which Type of Credit Carries the Most Risk?

  •  Let’s face it: we all want to live a life free of debt, but the reality is that most of us are in some sort of debt.
  • And for many of us, it’s a lifetime condition because of long-term loans such as home loans.
  • The trouble is, very few of us have the cash for bigger items such as properties, cars, and other big expenses.

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How to create a budget with the envelope system

  • Start a simple budget for your home, look no further than the envelope system
  • What is the envelope budgeting system?
  • How does it work?

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Can an employer check your credit score?

  • Credit scores are not only used by lenders to assess your creditworthiness but also by employers as part of their screening process.
  • This practice is becoming more common and is particularly found when the position involves handling cash or confidential information.
  • In certain industries, credit checks are a standard procedure.

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Your best self-defense against identity theft is your credit report

Identity theft is easier to pull off than we think. Most people are under the impression that the only people that get affected by identity theft are the uninformed, naïve or trusting individuals that become a victim of identity theft. In reality, that couldn’t be further than the truth.

It has been estimated that identity theft costs the economy approximately 1 billion per year and growing. There are new scams and identity theft techniques appearing almost on a weekly basis. As technology and our use thereof changes, the opportunities for thieves to get hold of personal information is on the rise and we all need to become increasingly vigilant, particularly as we transact more and more online.

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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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