Blacklisted means that you are in default of your obligation to a creditor/s for payments due on a certain account, with the result that your creditor/s have listed you on one of the credit bureau/s
A Credit bureau is a private business which acquires, records, maintains and makes available to contracted subscribers, information concerning the manner in which consumers conduct their credit and business dealings.
Everyone who has ever applied for credit is listed with the credit bureau. When you apply for credit with a company that subscribes to a credit bureau, that company will have access to your credit history, which is provided by the credit bureau. The company can then make an informed decision and assess their risk in granting you the said credit. Most companies will not grant credit to individuals who have negative listings
A credit score is a summary of a number of positive and negative factors on your credit report that aims to predict how likely you are to honour your credit commitments in future. This rating is often used by lenders to identify the risk in
Retention periods explained
Paying a default account in full, does not automatically qualify for the removal of the listing; however the credit grantor will be obliged to update the information on the credit bureaux that the consumer has paid the total amount outstanding.