If you are unable to pay off debts, your name will be flagged by the credit bureau, and added to a blacklist; and it will be more difficult for you to get loans in the future.

The simplest way to clear your name from the credit bureau is to pay off the debt. According to TransUnion, one of South Africa’ biggest credit bureaus, this will usually result in your name being removed from the blacklist within 7 – 20 days.

You can also request that your creditor write to the credit bureau to notify them that the debt has been paid, and that they can remove your name from the list, although your creditor is not obligated to do this.

If you are struggling to pay off debts, you should consider going into debt counselling.

If you are concerned about the prospect of being blacklisted, you can check your credit record to see what your standing is. We can provide you with your credit score if you apply for home loan prequalification, either by using our free, online tool, the Bond Indicator, or by contacting us at O-YES Home Loans.