Consumer Financial Wellness Portal

So many people ask this question: “What does it mean to be blacklisted?”
Blacklisting is a term used within the credit industry (banks, retail stores, etc) to report anyone who does not pay their debts (including companies).  Emphasis on not paying as opposed to skipping one or two payments!

This is done with the hope that that person will one day require credit and the credit grantor they approach will then do a credit report check (sometimes referred to as an ITC check) with a credit bureau on the subject. On that report will be personal details, employment details and credit behaviour.

Let us zone in on credit behaviour a little shall we? [And yes I am getting to the point, if you just indulge me a little you will see.] Credit behaviour / credit history shows how you have handled your payments to your creditors in the past. Now within that section / context is where you will find things like payment history, judgments and defaults amongst others.

It is when you have a judgment or a default that you get referred to as being “blacklisted”.

Can I get credit if I am blacklisted, I hear you ask? Well it’s tricky. But to keep this post short let me put it this way. Being blacklisted means that you are a higher credit risk profile individual. Now a smart credit manager with some discretion will just charge you a higher interest fee and not just decline you some credit. (If there are any credit managers reading this blog, please join in the conversation and let us debate this point.)

If you know / meet any credit managers, do send them to this website so we can have healthy debate and see their side of the story…