How to clear your name on credit bureau(blacklisted)
Sadly, South Africa is known as one of the most indebted countries in the world. While it can be chalked up to various factors – citizens face the pressure of trying to keep up with increasing living costs and very often overspend – the fact remains that many people aren’t necessarily the most financially savvy when it comes to taking out loans or buying on credit. The credit bureaus play a vital role to keep things fair and reasonable. They essentially gather information about a consumer’s credit history and keep a detailed record of personal information, accounts and how well debt is paid. Credit providers can access any consumer’s credit record and must consider the data to determine risk and affordability before giving more credit.
There are eleven registered credit bureaus in South Africa, the major ones being Transunion, Experian, Compuscan, and XDS. For a long time, the only credit bureau was ITC (now known as Transunion), and to this day, South Africans still use this term to refer to the credit bureaus in the country.