How long do you stay blacklisted in South Africa?

By The National Debt Review Center

Blacklisting someone from credit bureaus is a serious decision to make, and it’s not one that should be taken lightly. Learn more about the process of blacklisting someone in South Africa and how long they’ll stay on the list.

How long do you stay blacklisted in South Africa?

If you are blacklisted in South Africa, it means that you have adverse information listed on your credit profile. This either means that you are unable to pay your debts and that your creditors are considering or might have taken legal action against you.

This depends on the listing. Some listings are for a set period of time, while others are indefinite.

How long do you get a judgement removed from your credit profile?

5 years

A judgment remains on your credit record for 5 years or until it is paid in full, or a rescission is granted by the courts. Although not always the case, in general a consumer is listed as defaulting before a credit provider applies for a judgment.

How long do you get debt review removed from your credit profile?

3 to 6 Months

Once the court order is granted. The NCR will take 7 days update the status and notify the credit bureaus. The credit bureaus themselves also have seven days to remove the debt review flag from your record and update on their end that your debt review case is closed. The whole process, therefore, should take about 21 days to complete. Learn more about Debt Review Removal

How long do you get adverse information from your credit profile?

Two years

Your credit report is a record of your payment behavior. It tracks all your accounts and indicates where, over a period of two years, you have missed payments or gone into arrears on an account. Then after two years, this adverse information simply disappears.

Learn more about the following.

What is a Credit Bureau?

A credit bureau is a financial institution that collects and maintains information about the creditworthiness of individuals and businesses. Credit bureaus play an important role in the economy by helping lenders assess the risk of lending money to borrowers.

In South Africa, there are four major credit bureaus: TransUnion, Experian, XDS, and Compuscan. These credit bureaus collect information from banks, retailers, and other creditors to compile detailed credit reports on consumers and businesses. Credit reports contain information such as payment history, outstanding debt, and any derogatory information (such as bankruptcies or judgements).

Lenders use this information to assess the risk of lending money to a borrower. If a borrower has a history of making late payments or has defaulted on previous loans, they will be viewed as a higher risk and may be less likely to receive new financing. Conversely, borrowers with strong credit histories are often rewarded with lower interest rates and better loan terms.

Credit bureaus in South Africa are regulated by the National Credit Regulator (NCR), which ensures that they operate fairly and transparently. Consumers have the right to obtain their own free credit report from each of the four major credit bureaus once per year. Additionally, consumers can dispute any incorrect or outdated information on their credit report with the NCR.

Why was I Blacklisted?

When you are blacklisted from credit bureaus in South Africa, it means that you have been flagged as a high-risk borrower. This can happen for a number of reasons, including:

• Missing credit card or loan payments
• Defaulting on a loan
• Under Debt Review
• Having a judgment against you from a court case

If you are blacklisted, it will be very difficult to get approved for new credit products. You may also be charged higher interest rates and fees if you are able to get approved. Blacklisting can stay on your credit report for up to seven years, making it hard to rebuild your credit.

How Long Does It Take to Get Unblacklisted?

It can take anywhere from a few months to a few years to get unblacklisted from credit bureaus in South Africa. The length of time depends on the severity of your financial situation and how quickly you are able to improve your credit score. If you have a history of late payments or defaults, it will take longer to get unblacklisted. However, if you have been working diligently to improve your credit score, you may be able to get unblacklisted within a year or two.

What Are the Benefits of Being Unblacklisted?

When you are blacklisted, it means that you have been declared a delinquent debtor by the credit bureaus. This can make it very difficult to get approved for new lines of credit or loans. However, there are some benefits to being unblacklisted.

One benefit is that you will no longer be considered a high-risk borrower. This can help you get better interest rates on future loans and lines of credit. Additionally, unblacklisting can help improve your overall credit score.

Another benefit of being unblacklisted is that you will have more options when it comes to financial products and services. For example, you may be able to qualify for a secured credit card. These products can help you rebuild your credit history and improve your financial standing.

If you are looking to unblacklist yourself, there are a few things you can do. First, you can try to negotiate with the credit bureau to have your name removed from the list. Additionally, you can work on paying off your outstanding debt so that you are no longer considered a delinquent debtor. Finally, you can also consider working with a professional credit repair service to help improve your credit report and remove any negative marks that may be affecting your score.

Contact The National Debt Review Center on 0410125036

Conclusion

If you’re looking to get back on track with your credit, it’s important to know how long you’ll be blacklisted from the credit bureaus in South Africa. Depending on the severity of your financial situation, you could be looking at anywhere from a few months to a few years before you’re able to start rebuilding your credit score. However, by following our tips and staying disciplined with your finances, you can minimize the time you’ll spend on the blacklist and get back on track to a healthy financial future.