![]() In short, it means that you have been listed by the credit bureaus as someone who struggles to repay debt. ![]() But someone who misses multiple payments on an account gets blacklisted by these credit bureaus. The 4 largest credit bureaus in South Africa are:Ĭredit bureaus also keep a credit score for each person to rate their ability to repay loans. Any late payments or overdue accounts are also logged on your score. Every time you apply for a loan it gets logged on your credit report. They track and store financial information about every person living and working here. There are 4 credit bureaus in South Africa. Bad debt is a loan or other form of credit that is overdue for payment for an extended time. But miss multiple payments and it will turn into bad debt. Missing payments will decrease your credit score. Or perhaps you forgot to pay your credit card for this month. It’s human to miss one or two payment dates for a clothing account. Debt becomes bad debt when you continuously miss payment dates. Or you need to settle the debt in full (repay completely). You need to either repay a portion of the debt. What is Bad Debt?Īny form of debt has specific payment dates. But you need to understand that anything which requires you to repay someone is a form of credit and lead to the debt you have towards another person or institution. There are many other types of credit you can apply for. Here is a list of the different forms of debt you get in South Africa. You probably already know a little about loans and credit cards. Not sure whether you are blacklisted? Want to know what the banks and lenders really think of your credit profile? Get your free score by clicking here! What is Debt? Read the full picture of what it really means to be blacklisted by reading this article on the myth of being blacklisted. Read on to see how being “blacklisted” will affect your job hunting efforts. Finding a job is a great start, but will you be able to? No one plans for it, but you also need to plan to not get in debt! Still, it happens, and maybe you need to find ways to pay off your debts. ![]() ![]() ![]() Being blacklisted can really throw a spanner in the works when you need to make big life decisions like buying a home or a car. ![]()
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