You can therefore not open a clothing or furniture account. The blacklist has dire consequences, ranging from loss of reputation, inability to acquire new customers, and declining relationships with existing customers. Additionally, the blacklist has a negative impact on your credit score, which could potentially prevent you from getting future loans. The consequences of being blacklisted are lenders rejecting your loan application.
There
may also be financial difficulties as only a small number of people are willing to do business with you.
How long does blacklisting take?
Once you’ve been blacklisted, you’ll have a bad credit score for 2 to 10 years, depending on the type of offer you have against you, but even after that period, a verdict may be passed against you if you haven’t paid the money you owe. In accordance with the Fair Credit Reporting Act, derogatory items may remain on your credit reports for seven to ten years or longer. How long does it stay on file When a financial link ends, you can notify the credit reporting agency of the “separation” and they can change the records live accounts — mortgages, credit cards, loans, and checking accounts.
References:
- Blacklisted From Jobs | Monster.com
- How to remove your name from the blacklist – Jy en die RegJy en die Reg
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.