A good credit score can be one of your most valuable assets.
Perhaps you recently started on the exciting journey towards stronger financial health by committing to the debt review process and would like to verify your debt review status.
First, allow yourself to start feeling excited about the possibilities and opportunities that this will bring.
The debt review process is transparent and well structured which means that you have a clear understanding of how long the road will be before you receive your certificate of completion. After finishing the debt review process or while getting out of the process is when you can really start to build a healthy *credit score.
*Your credit score is a powerful 3 digit number that shows you the strengths and weaknesses of the information in your credit report. It shows you your credit standing in comparison to other consumers.
You might want to check your debt review status to confirm that you’ve successfully applied or to check whether your name is removed upon completion. For most, this might be the latter, so let’s start at the end and delve into life after the debt review process.
The relationship between your debt review status and your credit report is simple. If you are under debt review, your status will be indicated on the credit report.
The debt review status appears on your credit report to help protect your financial balance by restricting any access to additional credit. This is not the same as being blacklisted, which is a common misconception that people have of debt review.
In short, if you are under debt review, then the debt review status on your credit report shields you from making more debt by restricting your credit access till the process is complete and you’re declared debt-free.
In essence, your credit report is an overview of your financial health. It is a concise report that shows your debt review status codes and indicates any defaults, accounts that are more than three months in arrears, and even where the credit provider only noted that you are in default.
Furthermore, the report will show a 24-month history of any credit applications that may have been processed in that time.
You are legally entitled to an annual credit report from each of your credit bureaus – this is a free service they must provide.
Credit bureaus govern the access to your credit information. You have options when considering which bureaus to use and to check whether your name is under debt review.
Let’s look at a few.
TransUnion is a consumer credit reporting agency that collects and aggregates credit information globally. The agency describes itself as passionate about helping consumers gain access to their credit information so that they can improve their quality of life.
TransUnion can deliver the credit reports necessary to give you a clear overview of how creditors may regard your account.
Remember, you have access to one free credit report annually. TransUnion offers a quick and easy online solution to accessing your free report here.
In addition to collecting and providing credit information to consumers, ClearScore strives to help consumers improve their credit score by providing tips and information on how to do streamline the process and make it more accessible to everyone.
You can access your credit report on ClearScore here.
My Credit Check & My Credit Expert knows that understanding your finances is a pivotal step in improving your financial health. These credit bureaus offer accurate credit reports in a convenient portal powered by Experian and its Sigma database.
The portal has a super-easy signup process and a user-friendly dashboard that neatly packages and presents your credit history, current payments, balances, and store credit.
Register to check your credit record on My Credit Expert.
It is important to note that credit information is updated once every month. When you receive a report that seems incorrect, it could simply mean that your information is outdated.
If you have settled your debt and successfully completed your debt review process, and after 60 days your payment history is still not reflecting then we recommend that dispute the matter.
You can contact the creditor whose account is still wrongfully displayed on your report directly, and request them to send the updated information to the credit bureau.
This has proved to be the most efficient and effective way to get the information updated.
On receipt of the manual amendment request, the credit bureau has up to 10 working days to update your report which will reflect on your credit report the following month.
If after lodging a dispute and the resolution is not favourable or correct, as the consumer you have the right to take the matter to the NCR (National Credit Regulator) or the Credit Ombuds:
NCR contact details:
Please check their website for further details: https://www.ncr.org.za/index.php/contact-us/ncr-contancts
Raise a complaint via their contact form
Phone: 0861 66 2837
Write to them: PO Box 805, Pinegowrie, 2123
Everything about debt is daunting besides initially acquiring more of it.
In reality though, as the consumer, you have options. Undertaking the debt review process is brave – once completed, there are laws governing the next steps which will ensure that your credit report reflects the hard work and dedication you have put into attaining your debt-free status.
Find out if you’re eligible to reduce your debt and protect your belongings.
Disclaimer: This website and any information herein is not intended to be, nor does it constitute, financial, tax, legal, investment, credit, or other advice. Before making any decision or taking any action regarding your finances, you should consult a qualified professional directly.