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Answer for Form 19

Hi there, 

Thank you for the question. 

Once the Clearance Certificate is issued, credit bureaus have 5 working days in which they must erase from their records any information that you were in Debt Review. 

In theory, you should be able to apply for credit again within a week of receiving your Clearance Certificate. In our experience though credit bureaus take longer than that to get your record cleared. We suggest waiting 3 months before applying for new credit. 

Pull your credit report one month after you have been issued with the Clearance Certificate. Check your credit score and payment history. If there are any errors, take it up with the credit bureau. We would suggest that you make sure your credit profile and credit score is good before applying for new credit. Keep in mind that every time you apply for credit and get declined, it affects your credit score negatively. 

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. 

Hope the information was useful