What is the blacklist?
We hear about a black list when people have not paid their credit agreements. Such a list does not actually exist. What is referred to is in fact the country’s credit bureaus. Credit Bureaus have millions of records listing different consumer behaviour. Most of this information is positive. However, if you have defaulted on credit payments this will be detailed on your profile. If you apply for credit again, the lender will have checked first with the credit bureaus and will take negative information into consideration.
What does it say on my credit profile?
The information recorded on your credit report will include personal information, information about your employer and previous employees as well as a list of all your creditors and your payment history with the various creditors. You will also find all default and judgements recorded against your name.
Tips on what to do if you have a negative listing
- Pay the credit grantor the outstanding balance of what you owe
- Get a letter from the credit grantor that states that the balance has been paid and gives permission to the credit bureaus to remove the negative listing
If the credit grantor will not remove your negative credit information, you should obtain a letter stating that you have repaid this debt. If you apply for credit in future it may help you to mention that you have a negative credit profile but that this has been paid in full.
Credit bureaus contact details
There are 2 consumer credit bureaus in South Africa – ITC AND EXPERIAN.
Their contact numbers are:
ITC 0861 482 482
EXPERIAN – 0861 105 665
You can also visit www.mycredit.co.za to obtain a copy of your personal credit report.