Frequently Asked Questions
Have you gone through the debt review process but found that your credit record is not yet cleared? Or did a credit analysis reveal that incorrect or outdated information negatively affects your credit score? We can help!
We assist clients in removing debt review and administration notices, as well as negative listings (such as judgments), from their credit profiles. To do so we require paid-up letters for all the accounts that were included in the debt review, administration, and/or judgment process. If you do not have the necessary documentation at your disposal, we can help you to retrieve this information from the relevant sources.
We can also assist you if your credit report reflects outdated or incorrect information by disputing it with the relevant authorities and restoring your good name.
In simple terms, to be blacklisted means that credit providers will not give you credit because you were unable to repay previous debts and are now considered a high-risk debtor. Even when you settle the outstanding debts that lead to your blacklisting, your credit profile will remain tainted for between two to five years. Credit clearance will be required to removed this from your credit profile sooner.
‘Accounts in arrears’ means that some of your scheduled payments have not been made, but that no legal action has been taken against you presently. You are still able to make arrangements with your credit providers directly to catch up with your payments and settle your debt, subject to an admin fine. Credit clearance will not be required.
‘Accounts in default’ means that your creditors have handed over your debt to attorneys. In basic terms, your creditors have lost faith in your ability to pay your debt and feel that it would cost them to much to recover it. This will reflect on your credit record for two years. Credit clearance will be required to removed this from your credit profile sooner.
A judgement against your name means that your creditors have taken legal action – debts of less than R100 000 are handled by the magistrate’s court, while larger debts are managed by the high court. These are serious charges that will show up on your credit profile for up to five years if you do not pay off your debt. Credit clearance will be required to removed this from your credit profile sooner.
