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Why would you blacklist someone?

Are you one of these – a Credit provider?

Blacklistings

Blacklisted on credit bureaus

You can in appropriate circumstances “blacklist” a credit consumer with a registered credit bureau in the vent you are not being paid and have tried to get your money from the client, and this will not only alert other providers to a potential credit risk, it can also be a powerful incentive to a recalcitrant debtor to settle up. But this is not the only step you need to take.

But there are risks here – the National Credit Act imposes strict requirements on you, and on credit bureaux, in regard to the blacklisting and retention of all credit-related records. So keep track of what you do, when you do it and make sure this is always available.

A recent High Court case illustrates just one of the dangers of not complying. The Court awarded R50.000 in damages for defamation to an advocate whose reputation and ability to obtain credit were adversely affected by an incorrect blacklisting with a credit bureau.  He had been wrongly listed as having been “handed over” for a claim which was in fact disputed.  Despite a warning from the advocate not to list him, the creditor proceeded to do so without advising him – he only learnt of the negative credit listing when a bank declined his application for an overdraft.

Consumers: If you find out that you have an adverse listing which is inaccurate or disputed – challenge it immediately, and seek legal advice if your reputation (or your financial position) is damaged in any way.

Always get a copy of your latest credit report. This is available from the credit bureaus, MyTransunion (Old ITC), Experien or in the case of a business KreditInform.

Even if you pay for it, get that credit report, read it and if you do not  understand it get some advice.

Do not fight the results, sort them out by speaking to those who list you as their contact details are on the report.  The NCR or National Credit Regulator is also there to help you.

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