The term ‘blacklisted’ is used to classify people who have a bad credit profile. While everyone understands the term, there is actually no blacklist. It’s randomly used to declare that one is unable to qualify for credit due to negative listings on your credit record. These listings are placed on your record by creditors whose accounts you have not paid or by attorneys who have obtained judgments against you. You can read more on the various types of being blacklisted here.
So you’ve been ‘blacklisted’, what to do now? We’ve gathered 3 tips to get you off the infamous blacklist:
1. Pay off your Debt.
It’s as simple as that, by paying off your debt, you’re getting yourself 1 step closer to being in the clear. Always remember that applying for a loan, and being granted one by a lender, is a privilege. It’s the privilege of being able to spend in the present, with the ability to pay in the future. Regardless of your reason for being blacklisted, pay off your debt. Do whatever you can to honour your agreement.
2. Check your Details.
If you’ve been in default, arrears, or received a judgment against you, this will reflect on your credit score. Get a copy of your credit profile and check to see what information has changed since you’ve paid off your bad debt. Check to see if the information is accurate as one might have slightly differing records at the various bureau.
3. Contact your Credit Provider.
Always remember that some information, such as being in default, will remain on your credit record regardless if you’ve paid off your debt in full. However, your credit grantor is obliged to update the information at the credit bureau when you’ve paid the outstanding amount. Thus, ask your credit provider to send a written instruction to the relevant credit bureau to update the default information on your credit profile and request a copy of the written document for your own records.
If you’d like to check your credit profile at one or more credit bureau, you can contact TransUnion and/or Experian. Here at Fincheck, we wish you all the best on making your way of the ‘blacklist’, if you’re reading this, you’re already making good headway!
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