I was under debt review for the past five years and this year I was able to settle all my balances in February. These payments were made to my debt review counselors and all creditors were settled as all my statements reflect R0 balances.
I have not yet received my clearance certificates from my debt counselors, and see that I’m still under debt review when viewing my credit score.. I wanted to find out if i could apply for a home loan with my current situation.
Thank you for getting in touch and well done on completing the program.
No, unfortunately, you will not be able to take out a loan if the Debt Review listing is still on your name. Your best option would be to contact your Debt Counsellor and ask that they send your Clearance Certificate to the credit bureaus and your creditors.
In theory, you should be able to apply for credit again within a week of receiving your Clearance Certificate. But, the credit bureaus take longer than that to get your record cleared. We suggest waiting 3 months before applying for new credit.
So, pull your credit report about one month after you have been issued with the Clearance Certificate. Check your credit score and payment history. If there are any discrepancies, 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 your home loan. Keep in mind that every time you apply for credit and get declined, it affects your credit score negatively.