what being blacklisted means

What being blacklisted meanswhat being blacklisted means

What being blacklisted means

The term “blacklisted”is not an official term but is widely used as a way to describe ones poor credit rating. Depending on the severity of situation one may have many types of bad credit on their ITC profile. Each type will explained here and the complications that each one will bring.

” Listed as a slow payer “

This is one of the most common of the lot, listed as a slow payer simply means that you do not pay your accounts on time or the agreed date as per your contract. Credit providers will list you as a slow payer when you frequently do not pay on time. Although this is just minor and most private credit providers may look past it, banks and other places which do not assist blacklisted people may look at it in a negative way and could even decline your application. Being listed as a slower might become an issue if intend you apply for a home loan or vehicle finance.

Another explanation of what being blacklisted means are :

” Default(adverse) listing “

A default also known as a adverse listing against you means that you have not fulfilled payments for an agreement and is held against your name for a period of 2 years and then is automatically removed. This does not mean that the debt is removed it just means that default listing will be removed and any outstanding balances will still be due and payable. The implications of having a default are that some credit providers will reject your application, especially if this default is for another loan. Some private credit providers may accept a certain number of defaults and you can still have an application approved. With Loan Masters our specially selected credit providers do accept defaults in certain cases.

” Judgement listing “

Having A judgment is a court order requested by your loan/credit provider in the event you have not paid your outstanding debt. A legal process is followed before a court issues the judgment against you. Once a Judgement served then summons is issued to you. By law summons does not have to be issued to the individual in person and can be issued to the persons address (where the person lives or where you have agreed that post may maybe served to). These summons informs the person of A court appearance and allows them to come forth to represent themselves. If you fail to appear the judgment is then issued in default. The judgment is held on the system of credit bureau for five years and is then automatically removed.

“Knowing what being blacklisted means will help you to better understand your credit record and help improve your credit standing so that you can qualify for better loan products.

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