Credit bureaus are businesses which maintain and make available to contracted subscribers and the consumer (you), information concerning the manner in which consumers conduct their credit and business dealings.
The bureaus will record adverse listings in their records of individuals who have been handed over for collection, in instances where:
- debts have been written off as bad,
- where a debtor is reflected as a poor payer
- or for other good cause. (Judgments, Admin Orders, Defaults, Garnishee Orders)
To have the adverse listing removed – at the very least you will have to pay the amount owing in full and then hope the creditor will write a letter to the bureau concerned to delete the blacklisting.
Creditors are not obliged to assist you.
Having a Bad Credit Record can have a devastating effect on your life. You can’t buy the things you want, open a bank account or even get that job you have dreamed of.
IF you are able to get finance, it is likely that you will have to pay a much higher interest rate or put down a large deposit.It is NEVER a good idea to be blacklisted and if you are, it is important to clear your name as soon as you can.
Once blacklisted, you will have a bad credit record for 3 to 10 years, depending on the type of listing. Even after this period of time a judgment can be issued against you if you have not paid the money that you owe.
It is unfortunately very difficult to have your name cleared once you have a bad credit record.
Even if you have a good excuse for not paying your debt, like you were: Retrenched or sick, it will not be enough to have your name cleared.
Paying back the money that you owe is also not enough to clear your credit record.
MaxLaw is one of the few legal entities that prides itself in assisting people who have been blacklisted by Companies in order to repair their credit worthiness, under its B-Legal Division.