How Long Do You Stay Blacklisted?

By | June 22, 2017

How Long Do You Stay Blacklisted?

You can remain blacklisted your entire life if you do not stand up and take actions to clear your name. But how long can you stay blacklisted in all reality? The answer to this question is simply: it all depends on why were you blacklisted and whether it was a default or a judgement.

A default blacklisting stays on your name for 3 years and then automatically falls off. Sometimes a default does not get removed after three years until you call ITC and ask that they remove it.

A judgement blacklisted is different from  default in that the creditor approaches the court to secure a judgement. This type of blacklisting stays for up to five years on your credit record. It will also get removed even if you haven’t paid the debt. If you want it to be removed much earlier than that, we always advise that you must repay your debt if you have means to do so.

Debt Consolidation Loan Option

Taking a debt consolidation loans is another way that can get your blacklisted name removed from credit bureau much quicker. This simply because all your creditors will be settled by one loan and you then must pay one instalment to the new credit that gave you the consolidation loan.

There are more good benefits associated with having a clean credit record. Debt consolidation can assist you maintain a good credit history with credit bureau. This helps you in future in case you want to get personal loans to do anything or cater for your financial gaps.

There is no doubt that excessive debt is always about your inability to manage finances. Debt consolidation loans acts as one basket from which you are able to service all those you might be owing. In this case the question of management is dealt with because you only manage your creditors in one room. Debt consolidation for blacklisted people has become one of best choices debtors use in order to come out of debt. Living with a bad credit record can now become a thing of the past.

 

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