“Blacklist” What is it and why is it important when you do a loan?

Credit Bureau Blacklist checking is the first step in doing a loan to check the power to pay off of the borrower whether it is a loan for house or car installment. Today. ACU will inform you about what Blacklist is. Especially salarymen who do not want to lose a chance when it comes to doing a loan. Also, ACU provides the solutions when you are on the blacklist. Let’s start, shall we?

What is Blacklist?

It is the list of the bank and credit borrower who cannot pay off their debt on the due date. If the arrears are more than 3 months or 90 days, they are not allowed to do a loan or a new credit card. Thus, those borrowers are listed in the blacklist. 

Even though the bank or financial institute can decide on their own whether to give the loan to the borrower or not without the blacklist, this information can assure the bank about the borrowers’ financial stability, wealth, and the power to pay off debt.

What is the difference between Credit Bureau and Blacklist?

Most people misunderstand that Blacklist and Credit Bureau are the same thing. In fact, Credit Bureau is a national credit bureau which provides information about pay-off debt information, loan information and personal information such as name-surname, age and date of birth of the borrower.  On the other hand, Blacklist is the report of a default on borrowers’ debt which will appear on the Credit Bureau information. 

How many years of Blacklist can you check back?

The information of the blacklist will be kept for the pay-off debt information in the Credit Bureau for 3 years. Some banks or financial institutions may consider and approve loans or opening new credit cards after three years from the closing date of bad debts or complete payment of debts with Blacklist.

There are 2 main reasons why you cannot take a loan or open a new credit card. 

  1. Income data doesn’t meet the requirements. For example, income does not reach the minimum rate, the period of working time does not meet the criterias. Most banks and financial institutions will approve loans for people who have worked for 4-6 months or more. 
  2. The information contained in the Credit Bureau does not meet the requirements of banks or financial institutions such as credit history, etc.

What to do if you are on the Blacklist?

  1. Consult with the bank. In this case, borrowers may have to seek advice and negotiate with banks or financial institutions to pay off their debts by requesting a longer period of use or restructuring.
  2. Summary all pay off debt expenses. Summarize the amount of debt expenses such as how much principal has been borrowed and how much interest has been increased. After that, plan the average amount to pay per installment.
  3. Do not make other debts. You will have to pay for it over and over, and what you want will never end. Therefore, you should not make more debt and reduce unnecessary spending such as going shopping or buying unnecessary things. 
  4. Check credit information. You can always check your Credit Bureaus online and offline to update your information. However, anyone who is already on the blacklist will have to wait up to three years to do a financial transaction again.

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