Your credit profile is still taking a stroke of 2 to 5 years. The term blacklist is quite general and can apply to a number of situations in which a credit consumer would find themselves. They’re still blacklisting you even after you’ve paid off your outstanding debts. Administrative mandate This is a voluntary request from the consumer to avoid legal action from credit providers.
How long does a person remain blacklisted in South Africa?
Get the sports report every Thursday to stay up to date with everything you need to know in the world of sport. It is possible for a buyer to correct a blacklist based on their name. However, how long the process takes depends on whether the blacklist is compared with his name. Reana Steyn says the word “blacklisted” can mean a wide variety of things, from a backlog account to a verdict against you. If a consumer has been blacklisted or has negative listings, this could of course raise red flags and creditors could refuse to lend.
How long does the blacklist last?
Hahn and Hahn is one of the few legal practices that are proud to help people blacklisted by companies restore their credit rating as part of their Credit Bureau Clearance Division. So the term “black list” is a bit misleading, although most people are referring to this phenomenon. If you’re blacklisted, it’s likely to be very difficult to buy something on credit or get any type of financing. In accordance with the Fair Credit Reporting Act, derogatory items may remain on your credit reports for seven to ten years or longer.
But even then, it doesn’t necessarily mean that a consumer’s behavior was bad or that they were blacklisted.
References:
- What are the consequences of being blacklisted, Blacklisted
- How long does negative information remain on your credit report? | TransUnion
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.