Finance - Blacklisting
(08 Jun 2011)

Blacklisting is Rife in South Africa


What is Blacklisting?

A blacklist (or black list) is a list or register of entities who, for one reason or another, are being denied a particular privilege, service, mobility, access or recognition. As a verb, to blacklist can mean to deny someone work in a particular field, or to ostracize a person from a certain social circle. Conversely, a whitelist is a list or compilation identifying entities that are accepted, recognized, or privileged.

Blacklisting in SA:

Being blacklisted in South Africa means that you are a consumer who is recognized as a risk and therefore you won’t be able to obtain certain financial privileges and services. You might be on a blacklist because of your failure to consolidate your debt.  This can be really bad news for you when you are trying to buy a motor vehicle or property and you need to obtain a financial loan from a bank.

Statistics show that one in four people in South Africa have been blacklisted on the ITC credit bureau. Should this happen, you will have to repair your credit history and lenders will review you again before giving you additional credit.

All your information about the loans you have taken out are held by the ITC, who record information about each of the different accounts  you have opened, normally who lent you money, your outstanding balance and the history of your transactions, whether you made the repayments on time or whether your skipped them. Late payments or missed payments will be the reason that you are not granted credit in the future.

What to do?

The good news is that there are things you can do right now to alter you credit rating and get yourself off the credit blacklist. Though the list can be revised, it doesn't happen overnight, there are, in fact, definite steps you must take to improve your credit. The first thing you should do is to consolidate your debt and to demonstrate to lenders that you are making an effort.

Follow eXpresso on Facebook


What recipes would you like to see more of?
Cakes and baked treats
Easy lunch ideas
Simple dinner ideas
Vegetarian dinner ideas
Smoothies and healthy snacks

› Our presenters
› About Expresso
› Fan Mail
› Gallery
› Competitions
› Whats on Expresso today
› Social Media
› Expresso Contributors
› Suppliers
› Sports Personalities and Events
› Youth Sport
› Weekend Sports Review
› Home & Decor
› Fashion
› Beauty
› Charity
› Business
› Pets
› Mandela
› Fashion Fix
› Legal Advice
› Comedy
› Music
› Movies
› Celebrities
› On This Day
› Theatre
› Trending
› Local Entertainment
› My Hood
› Technology
› Whats new
› Gaming
› Cars
› Youtube
› Astronomy News
› Recipes
› Tips from Chef
› Culinary Tips
› Recipe Videos
› Health Tips
› Fitness Tips
› Pet Health
› Travel Experts
› Iconic Buildings
› Travel Tips
› Travel Packages
› Traffic Updates
› It's Here
› Recipes
› Advice for Parents
› Education
› Entertainment
› Young Achievers
› Baby Talk
Contact Us
› Weather
› Contact Us
› Careers
Privacy Policy | Terms of Use
© Copyright 2010 Expresso | Site created by  Fusia Web Services