Credit Report
A credit report is a detailed record of your personal credit history, prepared by a credit bureau. It shows how you have managed debt and credit over time, and it is used by banks, lenders, landlords, and sometimes employers to assess your financial reliability.
Negotiations
Credit negotiations are discussions between a borrower (you) and a creditor (like a bank, credit card company, or lender) to reach an agreement on how to repay debt in a way that is manageable for you and acceptable to them.
Sequestration
Sequestration is a legal process where a person or company who cannot pay their debts is formally declared insolvent by a court, and their estate (all assets and property) is handed over to a court-appointed trustee. The trustee sells the assets to pay off creditors as far as possible.
Settlements
Credit settlements (also called debt settlements) are agreements made between a borrower (you) and a creditor (like a bank, credit card company, or lender) where the creditor accepts a lump-sum payment that is less than the full amount owed as final settlement of the debt.
Debt Prescription
Debt prescription means that a debt is written off by law after a certain period of time has passed without the creditor taking legal action to collect it.
Some debts have longer prescription periods:
6 years for debts secured by bills of exchange (like a cheque).
30 years for mortgage bonds, municipal rates, and court judgments.
Account Management
Account management is the process of maintaining and growing relationships with a company’s existing customers or clients. Instead of focusing mainly on getting new customers (which is the role of sales), account management is about servicing, supporting, and maximizing the value of existing ones.
ITC Disputes
ITC disputes (in South Africa, referring to the old ITC – Information Trust Corporation, now part of TransUnion Credit Bureau) are disputes raised by consumers when they believe there is incorrect, unfair, or outdated information listed on their credit profile.
4 in 1 Fitness report
A 4-in-1 Credit Fitness Report is a type of comprehensive credit report that combines information from all four major credit bureaus in South Africa: