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How to Clear Your Name from Debt Review

 

Are you wondering how to clear your name from debt review after completing the process? Once you have settled all of your debts and received your clearance certificate, your debt counsellor is obligated to notify the credit bureaus. The bureaus are then legally required to remove the ‘under debt review’ flag from your credit profile within 21 business days of being notified that you are no longer under debt review.

If you are wondering how to clear your name from debt review after withdrawing from the process, the same will apply. However, your credit record will still show your payment and default history for five years. If you have a history of not repaying your debts or still have a lot of outstanding debt to pay, you will likely be denied access to credit.

Every time a credit provider runs a credit check on you, it will show that you were under debt review but cancelled the process before you have settled your debts. Withdrawing from the process will show that you are not committed to becoming debt free, which will likely lead to credit providers rejecting your credit applications going forward.

But, if you have settled your debts and received a clearance certificate, your credit application should not be rejected on the basis of you having undergone debt review. If your application is however denied, it would be advisable to draw a copy of your credit report to check that the bureaus have in fact removed the ‘under debt review’ flag from your profile.

You can pull one free credit report yearly at any of the credit bureaus, i.e. TransUnion, Experian etc. and, if the bureaus have not removed the flag, it will be displayed on the front page of your credit report. In such a case, you can call the credit bureau dispute centre and ask them to investigate why they have not received the clearance certificate or updated your credit report.

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