Here’s what happens after you finish debt review
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If you’re under debt review, you could still wonder how long it stays on your credit record. The answer depends on how long it takes you to complete your repayment plan.
After that, there are still a few important steps before your credit record is updated. Here’s what normally happens:
Step 1: Complete your debt review
There is no fixed debt review duration in South Africa that consumers can expect.
Debt review doesn’t end after a set number of months. Instead, it ends when you’ve repaid the debts included in your repayment plan and met the legal requirements to exit the process.
For some people this may take around three years. For others, it can take five years or longer.
Step 2: Get your debt review clearance certificate
Once you’ve completed your repayments, your debt counsellor needs to issue a debt review clearance certificate to you.
This certificate confirms that you’ve completed debt review and can move to the next stage of updating your credit record.
Without it, the process of removing debt review from your credit record cannot begin.
Step 3: Wait for your credit record to be updated
Once your clearance certificate has been issued, your debt counsellor must notify the credit bureaus about it.
The bureaus then update your records to remove the debt review flag.
The credit bureau update timing after debt review is usually a few weeks, although delays can sometimes happen.
Step 4: Check your credit report
Don’t assume everything has been updated correctly.
Get a copy of your latest credit report from Finance365 and check that:
- The debt review flag has been removed
- Your account information is correct
- There are no unexpected listings or errors
Your credit report is the easiest way to check whether your debt review status has been removed and your credit information has been updated correctly.
Step 5: Start rebuilding your credit
Once your debt review has been removed from your credit record, you can begin rebuilding your credit profile.
Remember that when you apply for credit again, lenders will still look at things like:
- Your credit score
- Your income and affordability
- Your repayment history
Good financial habits over time can help strengthen your credit profile.
What if your debt review status hasn’t been removed?
Sometimes the process takes longer than expected.
This could happen because:
- Paperwork is still outstanding
- Information hasn’t yet reached the credit bureau
- Administrative delays still need to be resolved
If your credit report still shows debt review after you’ve received your clearance certificate, contact your debt counsellor or the relevant credit bureau to investigate.
Watch out for debt review removal scams
Be careful if someone promises to remove debt review overnight or asks for large upfront fees.
Debt review can only be removed after you’ve completed the debt review process and the necessary updates have been made to your credit record.
If something sounds too good to be true, it probably is.
Check that your debt review status has been updated
If you’ve completed debt review or think you’re close to the end of the process, don’t guess whether your credit record has been updated.
Finance365 gives you access to your latest credit score and credit report, making it easy to check whether your debt review status has been removed and whether your credit profile is ready for your next financial step.
