All of us are encouraged to pay in cash but there are times when it’s more convenient to utilize credit facilities. With this, you must maintain a healthy credit score to avoid difficulties in borrowing money.
However, there may come a time when you can’t shoulder all your debts and you eventually get blacklisted after failing to subject your finances to a debt review program. To avoid this scenario, it’s best to check your credit status at least once a year.
Where can you check your credit status for free?
People often search for “can i check if i am blacklisted” or “how to check online if i am blacklisted“.
Getting a credit report and finding out what your credit status is can be quite confusing to some people. Well the ITC Credit Check Online can help you get a credit report for free. They can provide you with a detailed report containing the rating given to you by the three major credit bureaus in the country. This is made possible through their partnership with a financial institution that can give a comprehensive report on your credit status.
The report will tell you if you’re blacklisted by credit institutions in South Africa. It will also show you if there are any judgments or negative listings under your name or how much debt you currently have with various lenders. The steps you have to take to resolve debt problems and recover from a bad credit rating are also defined in the report.
TransUnion is one of the largest credit bureaus in South Africa. TransUnion also provides an instant assessment of your credit status via SMS.
In order to use the SMS service, you first have to register using the UUSD code *120*8801# from your primary cell phone number.
Just dial the special code, confirm your identity, and then they’ll send you a snapshot of your credit report. Even if you don’t have a smartphone, you’ll receive a summary of what the report contains in SMS format.
Every citizen of South Africa is entitled to apply for one credit report for free every year, as stipulated in the National Credit Act. If you need more than one report, you can just get another for a maximum fee of R20.
ALSO LEARN: 15 Ways to Maintain a Good Credit Score
Sadly, only 3% to 5% of the 24 million people who have active credit cards and loans take advantage of the benefit of getting a free ITC check online. People often get afraid of checking their credit scores, thinking this will have a bad effect on their rating. Some don’t even think about getting one until they need it for a loan. Sadly, many people just check their credit status when they’ve already been blacklisted.
But how can you find out if you are already blacklisted by credit institutions in South Africa if you don’t get a credit report? Is there a way to identify symptoms of this so you can avoid being tagged as a blacklisted individual?
How does you get blacklisted?
Credit reports contain both positive and negative information regarding your credit status. But to help you focus on the areas you should take caution, here are some of the reasons that will get yourself a negative rating, or worse, and eventually get you blacklisted by the Credit Bureaus in South Africa.
You’ll see an entry on your report regarding the times you’ve been given notice by your creditor for paying late or not paying your debt at all. This entry will remain on the report for a year unless you repay the owed amount in full and before your lender files your rating to credit bureaus.
Any complaint you’ve lodged and were rejected is recorded on the report. It will stay there for as long as 6 months after your complaint has been denied.
This entry will remain on your report for a maximum of 5 years or until the court has rescinded the order.
Your report will glaringly say that you’re under debt restructuring. This will only be removed once you’ve been issued with a clearance certificate stating that you’ve finished the program.
Every credit enquiry an individual makes is recorded in their credit report. Your credit rating will be affected if you’re shopping around too much for a lender that will offer you a loan. For creditors, this is a tell-tale sign that you’re in financial trouble.
Until you’ve been granted a rehabilitation order, entries identifying the assets that have been sequestered will remain on the report for a maximum of 5 years.
These are just some of the items you may find on your credit report. It may also contain info about traces and consumer remarks, depending on your credit status.
Some people get surprised by their rating when some of the entries discussed above show in their report. This is why people are strongly advised to regularly get their credit report to check if all the information written there is accurate. Even minor errors should be disputed because it’s your creditworthiness that’s on the line. Besides, checking your credit report regularly will also help you identify if someone has used your name for fraudulent credit activities.
You don’t want to be tagged as blacklisted when you don’t deserve it, do you?
Being blacklisted isn’t the end of the world for you. There are steps you can take to recover from the negative rating you’ve received because of the bad credit choices you’ve made in the past.
Ignoring it won’t get you anywhere. Lenders even prefer that you contact them when you notice something wrong with your credit report.