11 Sep How to Use a Credit Report to Spot Debt Review Flags

Creditworthiness may be just one single word, but it carries significant weight. In your life, your credit score may often precede you, impacting how banks, lenders, landlords, and even employers view your reliability. It is up to you how you handle, utilise, and repay credit. If you have fallen into financial distress and over-indebtedness, this option can help you get back on track.

During debt review, bureaus are required to add a flag to your credit profile that signals to lenders that you are on a new repayment plan and stops you from accessing any new credit. After debt review, your credit report should be clear of the debt review flag. This happens once you and the credit bureaus receive a Form 19 Clearance Certificate. Here we cover how to use a credit report to spot debt review flags.

At Cape Town Legal Consultants, we specialise in debt review removal. This is a game-changer if you’ve been struggling to restore your credit and enjoy your hard-earned financial freedom. We follow legal and transparent steps to clear your name from ITC records.

Steps to Check for Debt Review Flags

Access your Credit Report: Utilise this FREE credit check, done as a soft enquiry that will not harm your credit score in any way. If you want to do a thorough review, you are entitled to one free credit check from each major credit bureau per year, which can be requested online or by contacting them directly. Major credit bureaus include TransUnion, Experian, and Compuscan.

Check the Debt Review Section: This information is usually shown near the top summary section of your credit report. If you do not see it there, look for headings such as “Debt Review Status,” “Debt Counselling,” “Account Flag,” or “NCR Flag.”

Decoding the Information: In most cases, a note will state whether you are under debt review or not. If the debt review section shows “Active,” “Restructured,” or “Payment Arrangement,” this means you are still considered to be under debt review. If it shows “Terminated” or “Completed,” then you are not listed as under debt review. Codes may also be included. The status codes B, F1, F2, G, G1, and H all indicate that you are not under debt review.

Clearing Debt Review

It is important to remember that the debt review flag will only be removed from your credit profile once your debt counsellor submits a Form 19 Clearance Certificate, officially confirming that you are no longer over-indebted. The process of debt review removal in South Africa is complex, and many consumers live with the debt review flag on their profiles years after completing the process, without even realising it.

Take action and stop letting a tainted credit record control your finances and lifestyle. CONTACT US – our Cape Town Legal Consultant team knows how to legally remove debt review from your record.