Among South African customers, the terms “blacklisting” and “blacklist” are still frequently used. The term “blacklist” is deceptive because it refers to a time when credit bureaus only stored negative data.
Credit bureaus now store both positive and negative information, and the combination of these data has proven to be extremely helpful in forecasting consumer behavior going forward. Today, it merely denotes that you have a credit service account with a specific company that makes use of credit bureau services
Credit checks frequently reveal regrettable financial choices that have been forgotten, but a bad credit rating can improve. Even though it might seem hopeless, bad credit won’t last forever. Your credit history provides a “snapshot” of your perceived risk at any given time. As new data is entered into your bank and credit bureau files, the snapshot is updated.
For consumers with less-than-perfect credit, that is good news. Even if you’ve handled credit poorly in the past, you can improve your credit worthiness by using credit more wisely going forward.
If you are aware of what is on your credit report, you can improve it. There are steps you can take to raise your rating even though you can’t go back in time.
At FDA we offer you top quality finance services and expert advice, so they are able to live a stress-free, debt-free life.