How to Clear Your Credit Rating

Being blacklisted in South Africa can be a crippling experience, particularly when you are being denied credit for an event that occurred far back in the past. It can also be indescribably frustrating. Fortunately, there are a number of steps that you can take to ensure that you get off the credit blacklist and back living the life you deserve!

Paying Off Your Debts

It’s important to realise that any credit judgements made against you can remain on your credit record for up to 5 years, but, with some proactive work, it is possible to start the journey towards restoring your credit score to its former glory and have these past violations removed from your record in a matter of months.

  • Unsurprisingly, paying off your debts is naturally the first and most important step, as no one will rescind their blacklisting of you if you haven’t paid back all that you owe.
  • Once your debts are all paid you will need to request a ‘Confirmation of Settlement’ letter from the creditors, where after, you should approach the lawyers to remove the judgements from your credit report.
  • It will still be necessary to make contact with the creditor who listed you as either a ‘default payer’ or a ‘slow payer’ and ask them to remove this listing. This move is perhaps the most contentious as the creditor really has no legal obligation to remove the listing if you were at fault.

Give It Time For Your Credit Rating To Recover

Following the successful completion of all the former steps, the only real thing you can do is wait. However, this step isn’t as bad as it sounds, as your credit score should improve a little more with each month that goes by, as your good payments filter through and the dark default payments of your past are condemned further and further to the history books.

Clearing your credit record can be a lengthy and arduous task and, truth be told, it’s always advisable to rather make your repayments on time to avoid being blacklisted in the first instance. However, it’s important to know that, even during the period that you’re blacklisted, there are still companies who can make it possible for you to make those necessary purchases, such as owning your own vehicle when you are blacklisted. As long as you meet the minimum criteria, you can rent to own a quality used car, which you can then choose to return or upgrade at the end of the set period. Don’t let the mistakes of the past ruin your dreams, get in touch today and you could be driving the car of your dreams.