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What credit records should be cleared?

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Credit Clearance

Out of date Adverse credit records can remain on your Credit report if they are not removed

Credit Report Records that can be cleared.

The following entries on one’s credit record can have a devastating effect on one’s ability to borrow money. Consumers who have had any of these on their credit records and have settled the debt can not apply for a credit clearance.

A bad Judgment:

Consumers that are behind on their debt repayments and who ignore reminders sent by lenders will eventually receive a final letter of demand. If this final attempt to have their money repaid is ignored, the lender typically approaches a court to issue a summons. Consumers are then given a 10 day period within which to settle the debt.  Where a consumer ignores this summons, the lender will then apply to a court for a default Judgement against them without informing the consumer.

A judgement against a consumer means that the court has ordered one to pay the debt and further affords the lender to legally collect the debt via either:

Sending a Sherriff of the Court with a writ of execution to attach and sell one’s possessions or

Commencing with a Section 65 hearing against the consumer where the court does a comprehensive financial study on the consumer’s financial situation. The consumer will need to present him/herself to a court throughout the process until the hearing is concluded. The possibility also exists to negotiate a repayment of the debt via instalments. Finally where the consumer is employed, the court may rule that the debt be repaid via an Emoluments Attachment Order which will be presented to one’s employed who will deduct the repayment from the consumer’s salary and pay this over before the consumer received the rest of his salary. These Judgements can remain on record for up to 5 years and the debt is enforceable for up to 30 years.

Adverse Listing or Default Listing

Where a consumer has neglected to make the necessary monthly repayments against a debt with a lender be it a store card, credit card etc, a lender will contact a credit bureau requesting that an adverse listing be instituted against your credit report. It is important to ensure that Adverse Listings are removed once a debt has been repaid in full and this will only be done once a credit Bureau has conducted a full investigation. These listings remain on one’s credit record for at least 2 years.

Payment Profile

This is a summary of one’s monthly repayments and an easy way to improve one’s credit record is to pay one’s accounts in full on time every month. Consumers who have paid their accounts on time for between 6 months to a year have a better chance of being approved should they apply for credit. 

Collection information

Where a consumer has neglected to pay their account, their credit information will be handed over to a collection agency.

Provided the original debt has been paid, Debt-911 can assist consumers to remove any one of the above entries in one’s credit records.

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get on the path to financial freedom

If you have had a bad credit record and are looking to obtain additional credit, we can assist to clear your old records.