Listing Debt With Credit Reporting Agencies

This procedure may be undertaken in isolation or in conjunction with any other measures referred to in this section. It involves loading particulars of the judgement onto a national database system used by most financial institutions. It is noted on credit reporting databases as a matter of course.

This database system provides a credit history on debtors and includes information such as judgements and debts that they have failed to pay. As many businesses, including most financial institutions, often seek information on new or potential clients from this database, debtors often find their ability to obtain credit is affected by adverse information.

If the debt is uneconomical to pursue or if the debtor is elusive and cannot be traced. Frequently any business checking the system subsequent to the noting of your debt on the database, will contact you to obtain further particulars of the debt and whether in your opinion you believe the debtor should be extended credit. This allows you to either obtain a new adress or update financial particulars on the subject.

A judgment is valid for six years, it allows you to re-assess the debt and considers any possible further enforcement actions.