If you’ve experienced delayed or missed payments on loans or credit cards in the past, you might be worried about whether you can successfully pass a loan application review.
The first and most important step is to determine if you’re listed on a credit blacklist. It’s crucial to check this before you find yourself in a situation where you truly need financial help. If you discover that you’re on a blacklist, the next step is to find out if there are lenders who can provide loans even under such circumstances.
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What are "Credit Information" and "Financial Incidents"?
Credit Information refers to the data used during loan applications and credit card screenings. It includes basic personal details such as your name, date of birth, address, phone number, and place of employment, as well as the status of contracts and repayments for credit cards, personal loans, and cash advances.
One of the most critical aspects of this information is the record of past "Financial Incidents". Below are some common examples of incidents that are recorded:
- Postponement of loan repayments
- Delayed payment for mobile phones (if purchased on installment)
- Deferred repayment of student loans
- Debt restructuring (bankruptcy, voluntary settlement, or personal rehabilitation)
- Subrogation (where the guarantor repays the debt on behalf of the borrower)
- Delayed repayment of credit card bills
- Submitting multiple applications for credit cards
If there are issues with your credit information, it can make it difficult to pass screenings for card loans or credit cards. On the other hand, individuals with high creditworthiness are not only more likely to pass such screenings but also enjoy benefits such as higher loan limits, lower interest rates, and better borrowing terms.
Forced Cancellation of Credit Cards
If a credit card is forcibly canceled, it will be recorded as "negative information" in the personal credit information database. Generally, if you fail to make payments or delay them for 2-3 months, the likelihood of forced cancellation increases.
In addition, some credit card companies maintain internal blacklists, referred to as "internal black information." Once recorded on such a blacklist, this information does not disappear. For instance, if you own a card from Company A and are blacklisted internally, you will no longer be able to obtain any card issued by Company A.
Can Blacklist Information Be Corrected?
If there is incorrect information on the blacklist, it can be corrected or deleted through proper legal procedures. However, the blacklist itself has no expiration date, meaning debts do not disappear over time. Unless the debt is repaid, your name will remain on the blacklist indefinitely.
Summary
If you are blacklisted, applying for loans from consumer finance companies might have a higher chance of success compared to bank loans. There are many consumer finance companies that provide support even to individuals on the blacklist. However, it is crucial to evaluate financial companies carefully before applying, rather than applying indiscriminately. Never borrow money from illegal lenders or loan sharks.
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