The Process of Clearing Your Name After Debt Review
You’ve finished debt review. Our service handles the crucial final step: obtaining the Clearance Certificate to restore your credit record.
Completing your debt review payment plan is a significant accomplishment. However, your journey to financial freedom is not over until your name is officially cleared at the credit bureaus. This is achieved through a Clearance Certificate (Form 19).
Obtaining this certificate and ensuring it is acted upon by the bureaus is a critical final step that requires professional management to avoid costly delays. Dispute It manages this entire end-phase for our clients.
What is a Clearance Certificate?
A Clearance Certificate is the legal document issued by your debt counsellor that formally releases you from debt review. Once this certificate is submitted to the credit bureaus, they are legally obligated to remove the "Under Debt Review" flag from your credit report, allowing you to participate in the credit market again.
Eligibility for a Clearance Certificate
You are legally eligible for a Clearance Certificate when you have fulfilled the terms of the court order. This means:
- All short-term debts in the plan (loans, cards, etc.) have been fully paid off.
- Your home loan, if it was part of the plan, is fully up to date as per the original agreement.
Our Professional Clearance Process
Step 1: Financial Reconciliation
As you approach your final payments, our team engages with your debt counsellor and the Payment Distribution Agency (PDA) to conduct a full reconciliation. We ensure all creditor accounts are aligned and that there are no discrepancies in balances.
Step 2: Securing Creditor Confirmations
We proactively contact every creditor in your plan to obtain written confirmation that the accounts are settled. We don't wait for them to send updates. This prevents delays and ensures the debt counsellor has the proof they need.
Step 3: Managing the Issuing of the Certificate
Once we have all confirmations, we formally instruct the debt counsellor to issue the Clearance Certificate. We ensure it is done within the legally stipulated seven business days. We receive a copy of the issued certificate for your file.
Step 4: Submission and Verification with Bureaus
Our team submits the Clearance Certificate to the disputes/data departments of all major credit bureaus (TransUnion, Experian, XDS). We log a formal request for the removal of the debt review flag and any associated default listings.
Step 5: Final Audit and Confirmation
After 20-30 days, we pull a fresh copy of your credit report. We audit it to confirm that the flag and all related negative listings have been expunged. We then provide you with this "clear" report and confirmation that your name is cleared.
If a bureau fails to act, we immediately escalate the matter, using the Clearance Certificate as legally binding proof. This professional, end-to-end management ensures your financial rehabilitation is completed swiftly and correctly.
The credit repair process is complex and requires specialist knowledge to ensure success. Don't risk handling it alone. Our experts at Dispute It are ready to manage your case and deliver results.