A Debt Review Clearance Certificate is a formal document, recognized by The National Credit Regulator. This document is also called a Form 19 and affirms your successful completion of the debt review or debt counselling process, as prescribed by the National Credit Act (NCA).
To be valid, this document must be issued exclusively by registered debt counsellors (DC). This certificate holds immense significance as it indicates that you have met the stringent criteria set forth during your debt review journey.
To receive this coveted document, certain prerequisites must be fulfilled:
The below clearance certificate was for a client whose debt counsellor was de-registered, yet still trying to extort fees for an illegitimate clearance. We help many consumers who struggle to get cleared from debt counselling.
Throughout the process of debt counselling, your file will be periodically updated. The debt counsellor will request paid up letters from the credit providers as soon as an account is settled. Once all accounts are settled, the debt counsellor will update your debt review status on the NCR database, called the Debt Help System, where the 1st flag will be removed.
The clearance certificate will now be printed, certified, and sent to all the registered credit bureaus and the listed credit providers. You will also receive a copy. Both the credit providers and bureaus will then remove the status flag against your name, on their systems.
To get the flag removed from your credit profile usually takes between 2 to 4 weeks. The period depends on how busy the credit buraus are at that stage.
It is important to mention that there are technically 3 flags against your name when the process starts.
The flag at the credit providers is a safeguard of sorts, as many consumers have been scammed by unscrupulous individuals promising “debt clearance” and then issuing fake clearance certificates to credit bureaus.
For more info on fake clearance certificates, read this post.
Although your credit record will be clear within 4 weeks, we suggest that you wait for 2 to 3 months before applying for new credit.
Make sure you have some kind of active short term insurance policy and keep payments up to date. This is the fastest way to grow your credit score.
Alternatively, you could apply for a store or clothing account and utilize below 50% of the balance for 2 to 3 months. After this, you will be good to go!
A Debt Review Clearance Certificate is not merely a document; it’s a testament to your resilience and determination in overcoming financial adversity.
As you emerge from the debt review process, armed with this certificate, remember that financial freedom is not just a dream; it’s a tangible reality within your grasp. Stay patient, stay vigilant, and soon you’ll find yourself on the path to a brighter, debt-free future.