QandAs: Loans

What Does Blacklisted Mean?

Answer:
The term “blacklisted” usually

refers to a list made up of individual names or entities that are denied specific privileges. However, in discussing financial matters, such as credit, the term “blacklisted” simply refers to adverse information on your credit report.

A report from the credit bureau does not offer any opinion about your credit. But, it does provide factual information regarding your financial history. If you haven’t paid past debts, or you don’t pay accounts when due, your credit report will reflect this; therefore, lenders will be less likely to grant your request for a loan. If you’re having difficulty making payments on a loan, contact your lender as soon as possible. They may be able to refinance your loan or allow you to skip a payment or two.