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Credit Clearance in South Africa

Credit rehabilitation and credit clearance in South Africa is a critical issue as people are finding themselves in increased debt. In South Africa, if you have a history of bad credit, you stand the chance of being blacklisted. Once you have been blacklisted you will find it difficult to find credit. Credit rehabilitation companies in South Africa will help you get your name cleared and you will no longer be regarded as being blacklisted.

You can get your credit record from the credit bureau or from your credit rehabilitation company. Using a credit rehabilitation company in South Africa will help you to improve your financial reputation, credit scores and enable you to get finance at a better rate.

What is Credit Clearance when a consumer is “blacklisted”?

Credit Salvage Corporation started in 2016 to assist consumers who have a low credit score and are struggling to get credit. This is a term called blacklisted by credit providers. We assist consumers in the repair of their adverse credit histories and improve their credit scores. Article link Transunion

Being blacklisted on the credit bureau will have a disastrous impact on your life as you won’t be able to buy those things you want and need on credit. Being blacklisted means you won’t be able to get or do the following:

Home loans
Vehicle finance
Personal loans
Credit cards
Store accounts
Apply for employment in the financial field
Rental agreements

We are credit clearance, blacklisted clearance specialists and experts in this field. We can assist you with a professional service. Please refer to the following article regarding the meaning of being blacklisted. Meaning of being blacklisted

Blacklisted occurs when your monthly payments to your credit providers are not paid monthly on the due date. It is a severe status that impacts not only you're standing with those credit providers but also your credit rating with the credit bureaus. This so-called blacklisting in particular impacts your capacity to get new credit.

How you get listed as bad payer – getting blacklisted

You agree to certain terms when you apply for credit. For instance, by the due date mentioned in your statement, you agree to settle your payment due. If you miss the repayment for a couple of months, the credit provider will give you 20 days to rectify the adverse. This will be in the form of a section 129 letter which you will receive via registered post. A default is then listed on your credit profile which will impact your credit score in a negative manner

These late or missed payments get reported to the credit bureaus and will be reflected under your payment profile. If you try applying for any new credit the credit application will get declined. Credit providers will believe that you are in danger of defaulting on any new credit agreement. Until you have cleared the default balances with our credit rehabilitation services, most lenders will not approve any further credit.

So, what is Credit Clearance?

Credit Clearance and ITC Clearance is our process where we liaise with the credit bureau to remove adverse listings, remove judgments, and increase your credit score.

Visit our credit clearance page today Our Credit Clearance Page and see what we can do for you.

How do Credit Clearing Services operate?

The Credit Salvage Credit Clearance plan is for people who are serious about credit repairs and for people who are willing to put in a little effort to create a clean credit history. These credit services will also scrutinize and analyze your capability to service future debt payments. The evaluation is done by credit Salvage by assessing current financial activity as well as looking at your current financial picture. We will help you create a credit report as well as provide credit repair assistance if needed.

Process of Credit clearance

When it comes to starting the process of repairing one's credit record, we will usually use three methods. We will first contact all current creditors and inform them that the client has opted for the Credit Salvage Credit Clearance plan. This information is then passed on to the agencies. They in turn inform the creditors of the negative information contained in the credit report. The next stage is when a letter from the client's creditor is received informing the debtor that if no settlement agreement can be reached then the credit report must be amended.

This process is usually a long drawn one, sometimes taking months. In this period the agencies are waiting for replies from various credit bureaus and banks. At this stage, they start to analyze the impact of the Credit Salvage Credit Clearance on the debtor's financial and credit profile. The report provided after this phase will contain all corrections that have been made based on the assessment done by the creditors. If these changes are deemed to be successful, then the credit clearance process is over. If not, then the entire process is repeated until all corrections have been made.

Blacklisted?

A negative mark on your credit profile can affect you in several ways. First, you will find it difficult to buy property because of the deficiency in your financial status. Another important way that is associated with a negative mark in the report is that your chances of getting loans at favorable interest rates or even getting a job are also affected. In fact, a recent study has shown that there are almost half a million consumers in South Africa that have a negative credit indicator on their records. Many of them have been adversely affected as well.

Some of them have even been harassed by telephone calls resulting from collection agencies. The worst effect of a negative credit clearance in South Africa is that many people have lost their jobs because of this. These are people who have exceeded their limits and had to face the possibility of undergoing administration, debt review or even getting sequestrated. The worst-hit was the mining community where there was a recession in the market. Most of the miners lost their jobs during this recession.

Take care when choosing a credit clearance company

You should take caution while dealing with credit clearance agencies in South Africa that offer to clear your credit record without having a record of accomplishment. They may promise you that they can clear your credit report and provide you with a good credit score that you can use to purchase on credit. What you should do is do in-depth investigations and find out whether they do have the experience to do this or not.

We have a successful record of accomplishment spanning over 16 years dealing with credit records and the improvement of credit scores. Contact us today and we will in no time ensure you have a credit record you can be proud of.