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How To Check If You Are Blacklisted In South Africa
Having access to credit in today's economy is important if you want to make big-ticket purchases like a car a home. Credit providers are looking to lend money to consumers who have proved they are responsible with money and have a high chance of repayment.
However, not everyone realises how various financial instruments work or overspend to maintain a lifestyle and in turn become blacklisted for failure to pay their debts.
Credit bureaus keep your credit history, both the good and bad aspects. A poor record of data can include slow or late payments, defaults or blacklisting.
What is blacklisting in South Africa?
A blacklisted person is someone who is seen as a risk and denied access to certain financial privileges and services. In South Africa, you may be placed on a blacklist because of your failure to consolidate outstanding debt.
Blacklisting is the most serious and will jeopardise your chances of getting finance. Theoretically, you should not be able to be blacklisted without being aware of it, but it can and does happen. To ensure you are not blacklisted, it is essential to check.
How to check your blacklisting status
South Africans have access to one free credit report per year. These are easy to get hold of and can be done in a minute or two online. You can also get them telephonically.
Some credit bureaus have made it even easier by establishing an SMS service where you can check if you are blacklisted or not. While this is useful, it is in your interests to get your full credit report anyway.
To check your credit score check out our post here - Check Your Credit Score In South Africa
Check your status
Do not get caught unaware when you apply for credit and make sure you look into your current status and keep track of it. Blacklisting can also happen due to incorrect data on your credit report or even identity theft.
Around 6 million South Africans are currently blacklisted, so it is important to make sure of your status and any outstanding issues on your record.
If you are listed on the creditor's databases as a defaulter then here are a few tips to get your name removed from the blacklist.
How blacklisting can affect your life
Blacklisting will severely impact your ability to get credit and will mean a much higher interest rate if you can get a loan. It can also prevent you from getting specific jobs where they check that you maintain a good credit record.
Tell us your blacklisting story
Have you been blacklisted by poor financial decisions or by no fault of your own? How did you find out? What did you do about it? Share your experience with us in the comments section below.
Are you looking to promote your business?
South African finance business owners can create your free business listing on nichemarket. The more information you provide about your business, the easier it will be for your customers to find you online. Registering with nichemarket is easy; all you will need to do is head over to our sign up form and follow the instructions.
If you require a more detailed guide on how to create your profile or your listing, then we highly recommend you check out the following articles.
If you enjoyed this post and have a little extra time to dive deeper down the rabbit hole, why not check out the following posts on money tips.
- How South Africans Can Save Money Each Month
- How To Save Money To Buy Your Dream Car
- Is It a Good Idea to Have More Than One Source of Income?
- Why You Should Consider Debt Counselling As An Alternative Option
- Why You Should Not be Afraid Of Getting A Credit Card