27 Feb Step by Step Guide for ITC Clearance Certificate

Getting ITC clearance is a huge step once you have cleared your credit report or have entered debt review. This article encompasses everything you need to know about completing ITC clearance, including the who, what, where, and how of it all.

The ITC is now known as TransUnion, a major credit bureau worldwide.

A general overview of how to clear your credit record with ITC:
-Check your credit report.
-Resolve negative entries.
-Meet the clearance criteria.
-Apply
-Receive the certificate.

How to check your credit report

Transunion provides one free-of-charge credit report each year. You can visit a free credit report website, like Credit Boost’s free credit checker, and then register with basic information like your ID number, phone number, and residential address. After you’re verified, you can access your credit report immediately. Otherwise, you can ask your debt counsellor.

How to resolve negative credit report entries

Once you’ve acquired a copy of your credit report, it’s wise to check for negative entries like judgments, late payments, or outstanding debts. To get ITC clearance, it’s integral to resolve these issues. Do this by paying all your debts in full, and then contacting creditors to dispute inaccuracies. You can do this online, or have a registered professional help you, like the experts at Cape Town Legal Consultants.

Depending on your situation, you might be able to negotiate a settlement or payment plan, request goodwill deletion if you have a history of timely payments, or provide documentation refuting the debt or missed payments.

How to meet ITC clearance criteria

Unfortunately, gaining ITC clearance isn’t a cookie-cutter process, which is why you should enlist the help of an expert. The ITC has internal criteria for debt clearance. Note that each credit bureau has its criteria for credit clearance certification.

This is generally what the ITC factors in when considering clearance certification:

• Time elapsed after debt settlement and severity of debt: You should clear all outstanding debts in full, especially defaults and judgments.
• Payment history: Usually, maintaining positive credit behaviour for 3-6 months demonstrates responsible financial behaviour.
• Debt type: Not all debts are considered for ITC clearance. Consult a debt counsellor or financial advisor for more information, as they understand internal criteria better.

Also, sometimes individual situations impact how ITC clears your debt.

How to apply for ITC clearance

Enlist professionals to help you with this. They will liaise with credit bureaus on your behalf. If you’re intent on completing the process on your own, gather all documents, then contact TransUnion to initiate the process.

After everything is in order, you will receive certification debt clearance. Hooray!

As outlined, it’s better to utilise the help of a professional when assessing credit report inaccuracies, ensuring eligibility concerning ITC’s internal assessment criteria, and liaising with credit bureaus and creditors. Contact Cape Town Legal Consultants for assistance today!