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I Have a Clearance Certificate, How Do I Make Sure That My Name Is Clear?

Questions & AnswersCategory: Credit ApplicationI Have a Clearance Certificate, How Do I Make Sure That My Name Is Clear?
Anonymous asked 3 years ago

I have paid up and have a clearance certificate. I want to buy a house.

How do I go about making sure that my name is clear – there was a debt review judgement passed.

I don’t want to waste the bank’s time if it’s just still going to show that I am under debt review.
How do I go about making sure that my name is clear?

1 Answers
Wikus Olivier Staff answered 3 years ago

Hi there, 

Thank you for your question. 

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 three months before applying for new credit. 

Pull your credit record about once a month after receiving the clearance certificate. Check your credit score and payment history. If there are any discrepancies, take it up with the credit bureau. I 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. 

Be smart about applying for new credit. Make sure you’re aware of how your credit rating works and how to apply for credit without doing damage to your credit profile. 

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.