Types of Negative Credit Listings Removed Through ITC Clearance

ITC clearance in South Africa helps remove negative information like missed payments, defaults, or judgments from a person’s credit record. Additionally, it can lift the debt counselling flag from a person’s credit report, removing them from the debt review process.

Here are specific examples of listings that can be removed:

• Debt Review: The debt review listing can be removed using a Debt Review Clearance Certificate (Form 19), which confirms completion of the debt review process and financial freedom from debt. The National Credit Act of 2005 allows individuals to be removed from debt review status upon meeting necessary criteria.
• Judgments: Debt-Fit South Africa specializes in removing negative credit listings, including default judgments and adverse credit history. To remove a judgment from a credit report, a court must first rescind the judgment.
• Defaults: Defaults, which can lead to blacklisting, are another type of negative listing that can be cleared with ITC assistance. Debt-Fit South Africa assists clients in removing default listings that impact credit scores.
• Trace Alert Listings: Trace alert listings, which can affect borrowing capacity, may also be removed through ITC clearance.

Clearing these negative listings can significantly improve a person’s credit rating, helping them with credit applications for mortgages and other financial products. This clearance reduces financial stress and enables people to contribute more effectively to their loved ones’ needs.

To obtain ITC clearance, individuals need to ensure that all information in their credit report is accurate, settle debts in full, request creditors to update credit bureaus, and log a dispute if necessary. Additionally, they should maintain documentation, familiarize themselves with relevant regulations, and develop a strategic action plan.