20 Jun How to Remove Debt Review from Credit Report

Posted at 09:52h in Latest News by

After you’ve completed debt review, it’s time to remove that pesky flag. But how does one remove debt review from a credit report? Two words: credit clearance. Credit clearance is disputing inaccurate information, like outdated debt review flags, with the bureaus. The process is fantastic for opening doors to new credit opportunities, like loans, better insurance premiums, rental opportunities, mortgages, and auto loans.

Creditors don’t like seeing the debt review flag on credit reports because it shows that you have previously been unable to meet your debt obligations. This makes them nervous about lending you money– because what if you default as with your past creditors? If you would like access to new credit, or even just want a better credit score, credit clearance is your best bet.

How Does Credit Clearance Work?

In essence, credit clearance involves 5 steps. First, you should collect evidence supporting your disputing. In this case, it would be your debt review clearance certificate, which should have been given to you by your debt counsellor. You should write a statement explaining what you’re disputing with our bureaus. South Africa’s Big Four bureaus are TransUnion, Experion, CompuScan, and XDS.

Then, you should submit your dispute, along with an identity document, proof of residence, and credit report. The bureaus have twenty-one days to investigate your dispute, according to the National Credit Act and as regulated by the NCR (National Credit Regulator). After the three weeks, the bureaus must provide you with a verdict: yes, they will remove the flag from your report, or no, they will not remove debt review from your report.

If they reject your dispute, you have two options: wait the obligatory 5 years for the flag to be automatically removed from your report, or escalate to the credit Ombudsman. The credit Ombudsman is a free service that helps South Africans fight for their disputes with the credit bureaus. However, because of the amount of disputes logged and rejections from the bureaus, you may have to wait quite a long time to be helped.

Skip the Queue

If you want to jump the queue, we recommend enlisting the help of an attorney or legal consultant. A legal consultant can help you properly prepare and log your dispute, as well as fight the bureaus on your behalf for a swift and painless debt review flag removal.

Cape Town Legal Consultants offers credit clearance as a service, and we would be more than happy to be of service. Our attorneys have more than 15 years of experience disrupting the industry. We’ve worked on disputes, litigation, and deciphering amendments and new legislation to form a well-rounded skillset we use to get results. Fast. Let our renowned legal experts help you regain financial agency with credit clearance.

Remove debt review from your credit report using Cape Town Legal Consultants' credit clearance/ITC clearance service.

To start the process, fill in our contact form. It requests your full name, ID number, phone numbers, payslip, and 3-month bank statement. Alternatively, email info@capetownlegalconsultants.co.za or give us a call at 021 753 9659.