20 Jul What to Do If You’ve Been Blacklisted for Car Finance

Do you want to buy a car, but your credit score is so low you’re sure you’ve been blacklisted. What now? Cape Town Legal Consultants suggests you follow a process known as credit or ITC clearance.

This post discusses what to do if you’ve been blacklisted and why you’ve been blacklisted for car finance. We’ll ascertain why you could have been blacklisted, the concept of being blacklisted, and subsequently how the credit clearance process works. Moreover, we’ll clarify what documents you should present. We’ll also address why you should use credit clearance experts like Cape Town Legal Consultants to clean your credit history.

The Credit Clearance Process

To begin, we’ll discuss how to clear your name after your debt is paid. Truly, it doesn’t have to be difficult, so long as you submit the correct documentation and follow the steps below.

Firstly, attain a copy of your credit report to assess the inaccuracies’ extent. You can get a free credit check online in minutes with Credit Boost, a trusted credit reporting service. Read over it carefully and jot down evidence you might present to the bureaus. For example, if a late payment is reported, but your bank statement says otherwise, you might submit your bank statement to be checked against your lender’s records. The bureau will refer to the creditor’s records, and if they are found to be mistaken, the mistake will be fixed.

Then, collect evidence supporting your dispute. If you need to remove debt review from your report, get a copy of your ITC clearance certificate from your debt counsellor. Similarly, if you need to change your address or name, procure a copy of your ID or utility bill.

Next, write a letter to the bureau explaining what you would like to dispute. Describe the inaccuracies in a professional tone, clearly and concisely outlining your supporting evidence attached. Check out our credit clearance letter example.

Moreover, submit the general documents the bureaus require: proof of identity (ID card or passport), proof of residence (a utility bill or bank statement), credit report and credit clearance. You should contact the bureau by email, post or phone. Each credit bureau, like Transunion,  should list their contact details on their website. In some cases, you can submit documents and dispute your report online.

On Being Blacklisted

Did you know that the concept of being blacklisted is not corroborated by the bureaus? That’s right, there’s no such thing as a blacklist. The bureaus don’t have a naughty and nice list like Santa Claus that lenders can access. Rather, lenders assess your credit history and score to see if you’re a positive lending prospect.

The bureaus not having supported that there is such a thing as a blacklisted, many people believe this myth. Know that there is no such thing as a blacklist– you can stop worrying about being on the bureaus’ naughty list.

Wipe derogatory marks like judgments, late payments, defaults and debt review with the help of Cape Town Legal Consultants. With more than 15 years of experience, our experts are well-qualified to address your credit report concerns, inform you about changes in debt review legislation and help you dispute your credit history. Let us help you– get in contact with us today.