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Answer for Clearance Certificate

Hi there,

Thank you for your question.

Once the clearance certificate is issued, Credit Bureaus have 5 working days in which they must expunge from their records any information pertaining to the fact that you were subject to a debt review.

In theory, you should be able to apply for credit again within a week of receiving your clearance certificate. In my experience though, the latter is not true. Credit Bureaus take longer than that to get your record cleared. I always suggest waiting at least 3 months before applying for new credit.

Also keep in mind that even though your credit score might be good, credit providers might still have a flag indicating your history on their internal systems. They must also remove those records. It always remains the decision of the credit provider whether or not they want to extend credit to you. If they do decline your credit application, you have a right to know exactly why they declined it.

We would suggest you dispute your credit listing with the Credit Ombud. Here is a link to their page.

Hope the information was useful