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Can I Get Credit After The Debt Review Process?

Can I get credit after the debt review process?

Question

Can I get credit after I settled all my debt through the debt review process?

Good day

My husband and I have been under debt review for 5 years and finally we done with the process with all creditors paid up.The only problem now is getting our names cleared from ITC. My debt counsellor confirmed that she sent the clearance certificate to TransUnion and all the creditors. How long will it take before our names is cleared and will we be able to get credit from the bank again seeing that we want to buy property now. I heard that you need to build up a good credit record for 6 months before applying for any credit or finance.

How do you manage that if you cannot get credit anywhere?

Thank you.

Answer

Hi there

Firstly. Congratulations on sticking with the process and becoming debt free! It was quite a journey I am sure. To answer your question… Once you have settled all your debt through the debt review process you will be issued with a clearance certificate. This certificate is also sent to all credit providers and credit bureaux. In terms of the National Credit Act the credit bureaux has 5 working days to amend their records. In our experience however, they do take a while longer. Once they have removed the debt review flags, default listings and judgment listings (all the negative listings) your payment history is the only thing that should be left on your credit report.

Each account in your payment history should show a “Paid Up” or “Closed” status. Because you were under debt review and were making payments less than the original your payment history will not look as pretty as it should. This will affect your overall credit score. According to the Credit Act your payment history will remain for 2 years.

In order to get new credit you don’t have to wait for 2 years though. In a few months the credit bureaux should adjust your credit score upward. Usually 6 or so months is sufficient to get a better credit score.

I would suggest that you pull a credit report to see where your credit score is at. If you struggle to get credit because you have not credit history you can start small with a very small loan or clothing account to start rebuilding your credit record. Be responsible with this though.

Hope the information was useful

Kindest Regards

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