Being Blacklisted - Know the Facts

							Being Blacklisted - Know The Facts


A blacklist is a register of persons who have been 'red-flagged' as a credit
liability and are therefore denied access to loaning money through banks and
other financial institutions. In South Africa you may be credit blacklisted
because of your failure to settle your debt. However, being blacklisted is not
something one should be ashamed of. Many professionals find themselves on
a credit blacklist. Teachers, credit controllers, and admin people are just some
of the professionals that find themselves in this situation. Statistics indicate
that one in four people in South Africa are credit blacklisted. This suggests
that there are about five million people whose names currently appear on a
credit blacklist in South Africa.

Many people don't realize that they are experiencing debt/credit difficulty
until it's too late and they find out that they are blacklisted. Owing money can
lead to being blacklisted by authorized lending institutions thus making it
very difficult to acquire loans. A seemingly insignificant missed credit card
payment from five years ago could hinder your ability to acquire a home loan
or vehicle finance. The good news is that there are easy steps you can take to
repair your your credit rating and consolidate your debt so that your name is
removed from the blacklist.

Firstly, checking your credit history is essential so that you know where you
stand in the eyes of a financial institution. The credit report will indicate
whether or not your creditors view you as a credit risk and how responsible
you have been about consolidating your debt. I suggest applying for a credit
report before applying for a loan so that you know your credit status before
potential lenders check you out. There are several Website sources you can
go to, to obtain a credit health report. For a nominal fee you can find out your
credit history within an hour.

It is also important to identify and understand the type of debt you owe.
There are various types of debt that a person living in South Africa can be in
arrears for. Banks will investigate all these areas when considering whether
or not you are viable for a loan - Personal loans, credit cards, vehicle finance,
furniture accounts, in-store accounts, mortgages, and overdrafts.

Remember that filing for bankruptcy is not always the best solution to your
financial problems and should only be considered as a last remaining option.
Seek the assistance of a debt counselor. They are trained to guide you out of
debt and are therefore well-positioned to provide you with the best advice
after assessing your financial circumstances

Discover how my debt elimination secret of writing one 15 minute letter
eliminated over $100,000 of debt and interest.