BUSINESS TIPS - Check if you are Blacklisted

BUSINESS TIPS

Check if You Are Blacklisted

By Nikki Viljoen – Viljoen Consulting December 2008.

We’ve all heard about the bad economy and how things are going to get worse before they get better. We’ve all heard about how this is a global recession and how everyone is going to feel the pinch. Well on a personal level, I am not sure that I actually ‘buy into’ that, however that is another subject for another day.

The reality of what is happening today is people are losing their jobs. People are feeling the ‘credit crunch’ and feeling a bit squeezed and people are being blacklisted despite what we are told about the NCA (National Credit Act) and the various rules and regulations.

The Credit Information Ombudsman has, to assist consumers, introduced the “Back to Basics” project.

According to Caroline Buthelezi, who is an Ombudsman spokesperson, “going back to basics was not just budgeting to survive the current financial turmoil, but emphasizing the importance of laying a solid foundation for the future.”

Not knowing where you are financially, both in you personal and business capacity, can have seriously detrimental consequences.

Buthelezi also said “Checking and know what goes on with your credit profile is part of the building blocks for the foundation.”

That said, it makes perfect sense to check your credit profiles at least once a year and to assist consumers in taking control of their credit history, the National Credit Act has decided that consumers are entitles to one free credit report a year. If consumers choose to have more than one, a maximum of R20.00 may be charged. How great is that?

As much as many of us would love to be able to save and then by everything we need for cash, the reality is that there will be times when we absolutely have to purchase items on credit and when we need the credit, our credit record will have to be a healthy one.

Please note that consumers who are battling to get out of debt can make use of Debt Counselors, who will assist them.

Nikki is an Internal Auditor and Business Administration Specialist who can be contacted on 083 702 8849 or nikki@viljoenconsulting.co.za