Decoding Complex Credit Report Terms
Credit reports use confusing jargon. Our experts explain key terms like defaults, judgments, and prescribed debt.
Credit reports are filled with complex legal and financial jargon. Without a trained eye, it's easy to misinterpret your financial health. The specialists at Dispute It are fluent in this language; here's a simplified overview of what we look for.
Account Status Terms
- Default: A negative mark indicating a breach of your credit agreement. A default listing is a serious issue that our team is equipped to challenge. We assess its validity and build a dispute case.
- Paid-Up Default: You've paid the debt, but the negative history remains. This still harms your score. Our service includes processing the removal of these damaging, outdated listings.
- Open/Closed: Whether an account is active or not. The history of closed accounts still impacts your score, and we analyze this as part of our comprehensive review.
Legal and Public Record Terms
- Judgment: A court order forcing you to pay a debt. This is extremely damaging to your score. Removing a judgment requires a legal court process called rescission, a specialized service that Dispute It manages for our clients.
- Debt Review / Under Administration: This indicates you are in a formal debt counselling process. While it offers protection, exiting it and clearing your name requires a specific legal procedure to obtain a Clearance Certificate. Our experts handle this entire process.
- Prescribed Debt: In South Africa, a debt can "prescribe" or expire if specific legal conditions are met. It is illegal for creditors to list or collect on this debt. Identifying and proving prescription is a complex legal argument that our specialists are trained to win.
- Sequestration: A legal process where you are declared insolvent. This has a severe, long-term impact on your credit report, and reversing its effects requires a complex legal rehabilitation process.
These terms have significant legal weight. Navigating them is not a DIY task. It requires expert legal and financial knowledge to challenge them effectively, which is the core of the service Dispute It provides.
The credit repair process is complex and requires specialist knowledge to ensure success. Don't risk handling it alone. Our experts at Dispute It are ready to manage your case and deliver results.