Debt

question

Posted by: Anonymous | 2016/06/13 10:10

ITC report

Good day. I was under debt review and I withdrew 5 years ago due to my salary was reduced as I got new job. The prev company I worked for was shut down and I managed to pay all my creditors with my little provident fund I had except Standard bank. I have been checking my ITC report for the past two years and I have noticed that some of my loans (which I took 8 years ago) don't show on all 4 different reports. I would like to find out what is the cause of those 4 loans not showing on my yearly report. I am busy paying (lowest min money I have) them with 3 different lawyers which are collecting the debt for Standard bank. All 4 loans are from Standard bank (2 x credit cards and revolving credit loan and overdraft). All 4 loans are totalling to about R140 000. My credit score report show that I am good now previous year was showing I was fair which is stating I am going up. Thanks

expert answer

Posted by: Rulane Bakane | 2016/06/17 11:05

The reason behind those accounts not reflecting on your credit report is due to the course that they are now being administrated by attorneys. Most attorneys don’t update client account with credit bureaus.

 

If you were not making payment they would have processed with legal action to obtain a judgement on your name which would be reflecting on your credit report.

 

A “good” credit score depends on the scoring system used by your particular lender. Different scoring systems use different scales. However, if you have a good credit score from one of the credit reporting agencies, you are likely to have a good credit score with your lender.

·         Most credit scores fall between 600 and 750

·         A score above 700 usually suggests good credit management

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user comments

Posted by: judith | 2016/11/19 15:58
Hello, I am julie Alex currently living in New jersey city, USA. I am a widow at the moment with two kids and i was stuck in a financial situation in June 2015 and i needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit. But as God would have it, I was introduced to a man of God and a doctor, private loan lender who gave me a loan of $300,000USD and today am a business owner and my kids are doing well at the moment, if you must contact any firm with reference to securing a loan without collateral , no credit check, no co signer with just 2% interest rate and better repayment plans and schedule, please contact him.He doesn’t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email: doctoralakaokoro@gmail.com
Reply to judith
Posted by: General | 2016/08/11 18:32
Mr Palament kometee Prescribed debt applies to debt where the creditor did not make and attempt to collect for a certain amount of years ( 3 I think). @Mckenzie why do you want more debt or debt at all? You must be rehabilitated first, for ur own good. Buy the car cash... Do you even need a new car?
Reply to General
Posted by: Anonymous | 2016/07/22 04:43
these poor people if they only new about prescribed debt act ,it shows these credit bureaus are in south africa ,destroying consumers, pleas if you give advice help them teach them as to the precsribed act ,because transunion does not follow this act ,consumers are not protected in south africa ,especially by the biggest corrupt credit bureau Compuscan in stellenbosch biggest credit rip off companies in south africa , when i get in parliament next election one of my issues will be to remove these corrupt credit bureaus removing there licence to pratice .....member of standing committee of parliament finance
Reply to Anonymous
Posted by: Helio | 2016/07/25 20:31
With terrible spelling and grammar like that, I somehow don't believe you would be out of place in parliament. However, the problem is not the credit bureau, they just monitor and report your credit habits, they don't give credit, nor do they invent anything up. It allows companies and banks to report and view your credit history.
Posted by: M McKenzie | 2016/07/14 14:24
I have been avoiding my debt for couple of years until recently and they have landed me a couple of judgments. In the past few months I have decided to start paying off all my debt starting with the small ones to the big ones. I settled few and I am remaining with one debt that I am paying through attorneys. I want to know how can I remove my name from bad debtors to be able to get credit again. I want to buy a new car and I can afford it but I am not sure where to start. Am I suppose to finish paying off my huge debt, (12 months) or I can arrange with the attorneys to remove my name from judgements/bad debtors?
Reply to M McKenzie
Posted by: SIMON | 2016/07/06 19:13
WHY IS IT THAT WHEN LENDERS HAND YOUR ACCOUNT TO LAWYERS THE VERY SAME LENDERS SEND YOU STATEMENTS REFLECTING DIFFERENT BALANCES THAN THE LAWYERS BALANCE
Reply to SIMON

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