Blacklisted companies in Johannesburg
The number of blacklisted companies in Johannesburg and finding whether the person you are dealing with is blacklisted or not can sometimes help in your dealings with them. Blacklisted companies find it difficult to get credit and this problem extends into ay financial service. If you are one of the blacklisted companies in Johannesburg then a credit company may be able to help you. Credit companies have professionals dealing with issues such as blacklisted companies in Johannesburg.
What does BLACKLISTED and ITC Blacklisted mean?
The most prevalent question consumers ask when they get declined for credit is, am I Blacklisted? These words are still used among South African customers. Blacklisting, blacklisted or blacklist is false words, a category dating back to when only negative information got kept by the credit bureaux. Now credit bureaux will have both favourable and negative information, the combination of which proved useful in anticipating consumer’s future behaviour. Now that the bureau reports on both positive and negative information the term blacklisted is not true
The good news is that there is no blacklist and there is no blacklisting. In this article, we will give you the true reasons why your credit got declined.
When applying for any type of credit, the credit bureaux TransUnion, XDS, Compuscan and Experian will only report on factual information about your credit life. Credit providers will have access to this information and they, in turn, will base their decision on this factual information. The credit bureau will not only show negative information but will also report on the good information in order for credit providers to make an informed decision whether to grant or decline credit.
Each Credit provider will have their own set of criteria for approving or declining a credit application. When it comes to approving credit facilities, some businesses are more stringent than others, and some may have more relaxed requirements. Credit providers will have to do affordability assessments and you might get declined with a perfect credit report. The myth of blacklisted or blacklisting is therefore no longer relevant. New credit facilities get declined if you are not able to afford the new credit facilities.
As you can see there is no blacklist out there or you cannot be blacklisted. Such a list does not exist
The major reasons credit application gets declined
- Not making payments to existing credit applications on time
- Low credit score
- Having too much credit which will impact on affordability
- Judgements, default and debt counselling indicators
We will publish further articles about the above reason in more detail.
Contact us to assist with credit clearance, debt counselling or if you need a copy of your credit report