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Paid All My Debts but My Credit Score Still Low

Questions & AnswersCategory: Credit ProvidersPaid All My Debts but My Credit Score Still Low
Gloria Emelda Mabiletsa asked 1 year ago

My credit score is low because I fell behind as I was unemployed. I was employed in 2015 and worked hard to pay all my clothing accounts and received clearance letters for three of the accounts.

The last account Ackermans I was not aware it has also rated me as a slow payer. However, I finished paying it in February 2017 and in a process of getting a clearance letter.

I need a credit card and they cannot approve cause of this low credit rate.

1 Answers
Carien Kruger Staff answered 1 year ago

Hi there,

Thank you for getting in touch.

The credit bureaus will have to remove adverse information and judgement listings from your credit profile – if the amount owed has been settled. Consumers no longer need to have their judgement rescinded to get it removed from their credit profile. Furthermore, the retention period for default listings is 12 months and retention periods concerning administration and sequestration orders are 5 years.

If you have reached your retention period and the information is still listed on your record we would suggest you firstly dispute your credit listing with the company where you pulled your credit report. If you have a complaint about a specific credit provider you can lodge a complaint with the Credit Ombud.

You can check your credit record with any credit bureau. TransUnion is the best, so we would suggest pulling your record there. By law you are allowed to pull your credit record for free once a year. Here is a link to TransUnion’s site.

Also keep in mind that there are 4 major credit bureaus. TransUnion, Experian, XDS and Compuscan. It can be that some of these other credit bureaus have not yet updated your profile, so it would be advisable to check your score with all of them.

Have a great day.