So you’ve mastered how to budget and all of your debts have finally been paid, or you’ve finished or made the decision to cancel debt review and now you’re ready to repair your bad credit history and start fresh on a clean slate. But, you know that you credit profile is still barred from getting any other credit and your itc credit report is still reflecting the debt review status, and now you’re wondering how to clear your name from debt review. We have all you need to know about how to get itc clearance and how to remove debt review from itc.
Once you have settled all of your debt through the debt review process, your debt counsellor will then have to let the credit bureaus know that you are no longer under debt review. Legally, it is required of the credit bureau to remove the debt review status on your itc credit report within 5 days of being notified that you have ended your debt review plan.
However, if you voluntarily withdraw from the debt review process, your credit record will still reflect your default history for 5 years after withdrawing from debt review. If you have a bad credit record, you will still be denied credit.
If you find that you are still rejected after you have settled your debt and have already received a clearance certificate, perhaps it’s good to check that the credit bureaus have in fact removed debt review from your credit profile. Similarly, if you have a judgement against you or you are blacklisted.
At the very least, this will be 5 years. In other words, judgements will reflect on your credit record for 5 years, but will state that it is paid up, if you have settled the debt. The judgement can be rescinded if you pay off your debt in full. This applies to smaller debts, though, which amount to less than R100 000.
You can access a free credit report every 12 months from any credit bureau, including TransUnion, Experian, etc. If your debt review status still reflects on your credit profile, you can contact the credit bureau and ask them to look into this, in order to be completely debt free and enjoy your clean credit profile.
However, if you have not yet settled all of your debt, perhaps you should consider using our budget calculator to have a better look at how you are spending your money. This might help you to get all of your ducks in a row. If you find that you are not managing all of your payments, perhaps now is a good time to consider debt consolidation. At Quick Consolidation Loans, we offer consolidation loans to help make debt repayments easier for you. Contact us today and we will do our very best to streamline your debt repayments.
We will be able to offer advice on the suitability of debt consolidation to your specific financial situation, as there are instances where it would prove unsuitable. Our consultants will be able to help you with regards to secured and unsecured debt consolidation, and advice as to which would be most favorable to your outstanding debts. Operating on a national basis, we can also provide you with debt counseling or a debt review in South Africa. As mentioned, debt consolidation could save you on monthly payments and interest rates, which has made it a viable option for many. To find out if debt consolidation in South Africa is an option for you, contact Quick Consolidation Loans today.