In a recent comment post a reader posed some questions which I thought would benefit more readers as an article. So here goes…
Q) What do credit grantors use credit bureau reports for when you apply for credit?
A) When you apply for credit, the credit grantor uses your credit report to verify your identity as well as to assess their risk.
Q) What information is supplied to the credit bureau?
A) when ever an inquiry is made on your credit report a reason for enquiry is supplied by the credit grantor, the credit bureau also records that an enquiry was made and the credit provider in question. This information is shown on your credit report under the enquiry history section.
Q) Are all inquiries recorded by credit bureaus?
A) Not all enquiries are recorded by credit bureaus. Inquiries for forensic purposes are hidden, naturally.
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.
Click here to continue reading ‘The meaning of being blacklisted.’
Many of us come to the shock of our lives at some point when we receive the news that “YOU HAVE BEEN BLACKLISTED”, while trying to apply for credit, buying that house or the car.
That is when most of us get to learn for the first time that there is this thing called a credit report or credit history. So what is a credit report?
Click here to continue reading ‘What is this thing called a credit report?’
People seem to be under the notion that “if I skip a payment I’m automatically in the dwang…”
No, you should not get blacklisted for paying late, depending on how late your payments came in and depending on your definition of blacklisting that is.
When you pay on time, late or skip a payment, your credit grantor will report this to a credit bureau.
Click here to continue reading ‘Can I get blacklisted for paying late?’
The long negotiated credit amnesty is coming to an end! You may have seen the campaigns by the National Credit Regulator and the Credit Information Ombud on TV or heard on radio stations. This is a call to South African consumers who may have adverse information, to take advantage of this once off opportunity to clean your slate.
To read more about the credit information amnesty click here and find out if you qualify.
P.S. Be patient when contacting the credit bureaus as they are currently being flooded with calls as consumers race against time!
First of all, blacklist is old school; the preferred term these days is adverse information. I am blacklisted = I have adverse information on my credit report. This is important and perhaps we can dedicate an article to the blacklisting terminology another day.
Back to the subject at hand… The window is closing in soon, take advantage of the “credit bureau amnesty” that has been put together specially for you. You have until September 2007 to have certain information on your credit report removed in a less costly fashion. This does not necessarily mean you do not have to pay your debts! Yes I love freebies too…
Click here to continue reading ‘Blacklisted? 16 days to go to recover your bad credit quickly’
Beware…
there are some companies / websites out there advertising that consumers can obtain copies of their credit bureau reports from them at exorbitant fees.
Did you know that: -
- you can request your credit report from any credit bureau directly?
- the Consumer Credit Report price is regulated at R20?
- Paying up to R100 for something that is supposed to be R20 is ridiculous…
- Even better, you may qualify for a free credit report with a credit bureau
- if you request your Consumer Credit Report from a credit bureau you will have access to it for 30 days?
- only a credit bureau may sell credit reports?
- Unless there is a special contract and relationship with a credit bureau.
- requesting your credit report via “un-authorized” parties may negatively affect your credit score?
- when you request your own consumer credit report via a credit bureau, special measures are taken to ensure that your score remains intact.
Now that you know, what are you going to do?
Click here to continue reading ‘Don’t Get Ripped Off on Your Personal / Consumer Credit Report’
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