12 Dec Step-by-Step Process of Removing Debt Review Record

We regularly hear from clients who are struggling to clear their names after Debt Review has been completed. Recovering your financial freedom depends on clearing your credit report and moving on from Debt Review successfully. It is helpful to note that Debt Review does not immediately improve your credit score like so many mistakenly believe.

Any move you make in the financial sense has the potential to impact your credit report. A credit report exists for every credit-active South African consumer, detailing their credit history and relevant financial records. This is used when a creditor or even a landlord considering entering a contractual financial agreement with you. Along with your credit report, you also have a credit score that’s determined by various factors, including your payment history, amounts owed, and the length of your credit history.

Removing Debt Review from Your Credit Profile

Start benefiting from the efforts you’ve put into overcoming your debt problems. If you’re waiting for the Debt Review record to no longer show on your credit report, it can be frustrating. These are the steps that should lead up to your Debt Review record removal.

Firstly, ask yourself if you have finished the Debt Review process successfully, with all your restructured debts repaid according to the payment plan your Debt Counsellor provided. Also, make sure you paid off any fees outstanding to your Debt Counsellor for their services. It is best to discuss any uncertainties directly with your Debt Counsellor, but if your Debt Counsellor is the problem, we can help you investigate the issue and get the National Credit Regulator (NCR) involved.

Once you’ve completed Debt Review, you are rewarded with a well-deserved Debt Clearance Certificate. This should be issued to you within 7 days but sometimes it can take a few weeks. It serves to signify to lenders that you’re no longer over-indebted and also allows you to enter into new credit agreements.
Once you’re issued your clearance certificate, credit bureaus are notified and must legally remove the Debt Review record from your name within 21 days.

Any defaults and judgement records will also be removed from your name. Note that your credit history will remain and that it will take time to rebuild your credit score.

How Can I Check My Credit Report?

You can access your credit report online to see that it is accurately representing your current credit status. This can be done through  Credit Boost’s free credit checker. Your credit report will also show your credit score, to give you an indication of how creditors will view your creditworthiness.

Are you struggling to navigate life after Debt Review? If have concerns about the way the process was handled or find that your Debt Review record is not being removed, contact us for professional and legal insight and assistance.