Most of us know what blacklisting is but how does it affect people? Most importantly, how can you overcome blacklisting? We have all the answers you need below.
What is a blacklist?
A blacklist is a list of people whose creditworthiness is questionable. These include those who have had financial action taken against them, people with a bad credit score, or with outstanding debts. You could be blacklisted by South African or international organisations. You can check if you are blacklisted by checking your credit score (South Africa).
What happens when you get “listed” on a blacklist?
Unfortunately, banks do not offer loans for blacklisted people as financial institutions need to know that you will pay back the loan. It will be very difficult for you to obtain a loan for a car or home if you are not seen as creditworthy.
What can you do to resolve a blacklisting?
Fortunately, you can dispute a blacklisting at the credit bureau and receive credit bureaus clearance. You may want to consider paying off debts and sorting out your overdrafts. You can consult an expert or debt counsellor for assistance.
What should you do to avoid blacklists in the first place?
To avoid debt, make sure you pay off all of your accounts and keep a clear credit. A lot of people tend to have clothing accounts or credit cards that tend to put them in debt so be careful not to purchase more than you can afford.
If you are still in debt, or under debt review and need car finance, Earn-A-Car can help. With rent-to-own options, you can obtain a vehicle from us at an affordable monthly payment without having to show us your credit score report. When you apply for a finance plan with us, we don’t consider your blacklisting. Simply show us that you can make your payments and we’ll help you to get into a car in no time.
Don’t let blacklisting prevent you from owning a car – contact Earn-A-Car today!