Managing my credit record
Managing my credit record
You stop at the car dealership on your way home from work. The sales person greets you by name, you've been here many times before. But today is different, because today is the day that you have been waiting for. You've saved your deposit, checked your budget and arranged your insurance quotes. All that's left is to buy the car of your dreams. You and the sales person complete the Vehicle Finance Agreement.
Later that day you receive a disturbing telephone call. Your finance was declined as a result of a “Black- Listing” on your credit record. What should you do now? Having a negative credit listing on your credit record may have serious repercussions and needs to be accurately addressed and dealt with, as soon as possible.
STEP ONE: KNOWLEDGE IS POWER
It is important to hit the ground running, so as soon as possible, get a copy of your credit profile. Only once you know the information contained therein can you find out why you've been “Black-Listed”. This information will also help you determine what your next step or process is to be followed in order to correct and/or rectify the negative listing on your profile.
Your credit profile can be found by contacting one of the Credit Bureaus who will assist you with one free printout/copy of your credit profile each twelve month cycle. In order to obtain this free credit profile you will be requested to supply personal updated information which in turn keeps their database accurate. Being able to apply for your credit profile on the internet makes the process even easer.
STEP TWO: INTERPRETATION AND EVALUATION
Credit profile in hand, the next step is to correctly interpret and evaluate the information contained therein. The credit bureau can also offer a helping hand in this regard. Contact them telephonically and a helpful call-centre agent will interpret your credit profile and take you through it step by step.
Now with the knowledge of how the negative listing was caused, you are able to determine if it was as a result of simply incorrect information on your profile, which a consumer is entitled to dispute and challenge if his or her credit record displays such incorrect information. Here, once again the credit bureau will assist with the process of lodging a dispute with their offices.
If there is default listing on your profile, not being a Judgment, as discussed hereunder, you need to contact the entity that listed you, in order to resolve the reason for the default data and listing.
STEP THREE: GETTING HELP
If your credit record shows a Court Order or Judgment on your name, the process is somewhat more complicated and costly to rectify. In this specific instance the attention of an Attorney will be required, who should be consulted as soon as possible, after having become aware of the fact that a Judgment has been taken against you. In most instances it would require an Application to Court for the Rescission of the Judgment from your name. Any unnecessary and unreasonable delay in the bringing of such Application to Court may have a negative impact and/or delay the removal of the judgment from your credit record. Your Attorney will be in a position to advise you as to the process of rectifying your profile. The costs involved with this type of legal work can vary.
STEP FOUR: THE 20 DAY WAIT
After having the judgment reversed, such fact, which amounts to a material change to your credit profile, needs to be communicated to the Credit Bureau. Upon receipt of this information, the Credit Bureau is obligated to confirm and verify the accuracy thereof and accordingly change your profile. However this verification process is time consuming and for this reason, changes to your profile will reflect only twenty business days after the Credit Bureau was duly informed of the status of the judgment taken against you.
After having resolved the blemish on your credit record, you have theoretically a clean and clear credit record. You can now finally revisit the dealership with this knowledge and purchase your dream car.
RMI4Law members can contact the legal advice and assistance line for any further information regarding the topic discussed, on 0861 668 677. Contributed by: Wesley Watson LLB (UNISA), Barnard Incorporated Attorneys
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