BLACKLISTED

Providing Credibilty For All


 

 

          WHAT DOES BLACKLISTED MEAN ?                                   


Blacklist is a misleading term, which came about when credit bureaus only kept negative information. In the 1980’s, following international trends, credit grantors are now encouraged to also share positive information about their customers, as this facilitates access to credit. The perception that credit bureaus only keep negative data is therefore not true. For example, about 60% of the information held on credit bureaus is positive information. One cannot be blacklisted but can be part of the 40% who have a negative notation. The data is not divided into good and bad it is all on one comprehensive database

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

                WHAT IS A CREDIT BUREAU  ?               


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

     HOW TO OBTAIN MY CREDIT REPORT ?

 

A consumer can obtain a report about their credit rating free of charge once a year by calling,
 
Experian: telephone 0861 10 5665, 0861 10 56650
 
Transunion telephone 0861 482 482 
 
ALTERNATIVELY CLICK ON THE LINK "REQUEST MY CREDIT REPORT"
 
Can I apply for credit while under Debt Review with a Debt Counsellors?
NO

                   WHAT IS A CREDIT SCORE ?           


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

offering you credit

 

WHY DOES A DEFAULT REMAIN FOR 2         YEARS   ON MY  CREDIT     PROFILE?                             


Retention periods explained

  1. adverse classifications of consumer behaviour, which are subjective classifications of consumer behaviour and include classifications such as 'delinquent', 'default', 'slow paying', 'absconded' or 'not contactable' - 1 year
  2. adverse classification of enforcement action, which are classifications related to enforcement action taken by the credit provider, including classifications such as handed over for collection or recovery, legal action, or write-off - 2 years"

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.

Should there have been circumstances beyond your control which lead to the default listing, the CO can investigate such. Please note that you must always follow the complaints process

 

                SHOULD DEBTS BE SETTLED ?


YES

ALL DEBT SHOULD BE SETTLED IN FULL AS A CONSENT DOCUMENT IS REQUIRED FROM THE CREDITORS STATING SETTLEMENT. REMOVAL PROCESS CANNOT TAKE PLACE WITHOUT THIS DOCUMENT IN PLACE.

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