People use the term blacklisted for a number of situations but no matter what definition you put to being blacklisted, it is not pleasant. It will make getting credit extremely difficult and will have other negative consequences as well. It will make renting property difficult, may cause difficulties in getting your child into some schools and could even prevent you from getting a job with many companies. You will not be able to get a credit card or a loan from most institutions and even store cards will be hard to come by. A cell phone contract is probably out of the question.
When you owe a bank, financial institution or any other credit grantor money and you are not keeping payments up to date, they will try and make arrangements with you for the outstanding amount. If you fail to keep up with any payment arrangement or they cannot get hold of you, the account will be handed over to a debt collector.
A “good” credit score depends on the scoring system used by your particular lender. Different scoring systems use different scales. However, if you have a good credit score from one of the credit reporting agencies, you are likely to have a good credit score with your lender.
You have probably realised by now that there is nothing more important than having a good credit score. Your credit score is the first thing that all lenders and creditors will look at before granting you any form of loan, whether you are looking at applying for a mortgage, personal loan, clothing shop account and even applying for a job. We as South African citizens should know the importance of having a healthy looking credit score in order to maintain a normal lifestyle.
Identity theft is easier to pull off than we think. Most people are under the impression that the only people that get affected by identity theft are the uninformed, naïve or trusting individuals that become a victim of identity theft. In reality, that couldn’t be further than the truth.
It has been estimated that identity theft costs the economy approximately 1 billion per year and growing. There are new scams and identity theft techniques appearing almost on a weekly basis. As technology and our use thereof changes, the opportunities for thieves to get hold of personal information is on the rise and we all need to become increasingly vigilant, particularly as we transact more and more online.
You should see your credit report as your school report in school at the end of each year. Your credit report is an evaluation of your financial behaviours. This report is there for financial institutions to determent whether you can be granted credit from them. Financial institutions will use your credit score to see how much credit they ca give you. In this article I will give some useful information regarding your credit report.
It seems that getting a credit card is easier today than ever before. Banks seem to hand them out arbitrarily. For many people, a credit card is permission to go on a shopping spree.
Before they know it, they’ve reached their credit limit, and the money they’ve borrowed needs to be repaid.
If you are thinking about getting a loan, your first course of action should be to get a credit bureau report. By doing so, you will be able to make sure you have all of the accurate information you need to proceed. You will know what your credit score is and what information lenders are going to find.
Even with interest rates on the rise, you can still manage your debt. Here's how:
The first quarter of 2014 has hit consumers’ pockets hard: the inflation rate has reached the 5.9% mark after a third consecutive increase in February 2014 and the repo rate, which many predicted would only change in March 2014, was increased by 0.5% at the end of January 2014.
We all know that if you want financial freedom in your life then you should have a good and clean credit record. South Africa is being seen as a debt based society and therefore can you only be on top of your game if you have a good credit score. The best solution to a bad credit score is credit repair. In this article will I explain the seven biggest misconceptions when it comes to repairing your credit.
