Information on the Experian Credit Agency
Your debt counsellor will provide you with a credit check from the Experian credit agency as well as all the other credit agencies in South Africa. These agencies give you a credit rating that monitors your credit agreements with various institutions. If you do not pay your accounts on time or fail to meet your monthly financial obligations, points will be added to your rating, affecting it negatively and any person accessing your records will know that you are not a responsible debtor. This will most likely mean that you will be denied any future credit that you may apply for. If your accounts are handed over to a lawyer due to a continuous failure to pay, you will most likely be black listed.
A black listing will ensure that you will not be able to enter into new credit agreements with any credit providers. You will have to settle your debt with the creditor who has had you black listed and then go to the Magistrates court and apply to have the debt rescinded. The Experian credit agency and the other credit bureaux may not hold your records for a period of more than five years. If however you have entered the debt review process and are receiving debt counselling, the various credit bureaux must reflect this status. This will mean that you will not be able to enter into new credit agreement swhilst in the process.
Make sure that you have a credit check run to ensure that you have not been unfairly or incorrectly black listed. Remeber that credit providers are not the only people who access your credit records and that a negative credit rating may affect any future employment that you may seek.
For more information on how to clear yuor name with the Experian credit agency as well as other credit bureaux in South Africa, please contact us.