How to check if your name is under debt review? | Debt Rescue Blog (2024)

FAQs

How do I check if my name is still under debt review? ›

To check your debt review status, you have to request your credit report from a credit bureau like TransUnion or Experian. You can do this for free once every year; otherwise, the credit report could cost a few Rand – we recommend checking with your chosen service provider before requesting your report.

How long does debt review stay on your name? 'Debt review' stays on your name until you complete the debt review process, get your clearance certificate and are declared debt-free. This usually takes between 36-60 months, but it can be even faster. After the process, the debt review status is permanently removed.

You can find all of your debts by checking your credit reports, going through old bills and mail and contacting known creditors directly to ask for balance statements. Experian, TransUnion and Equifax now offer all U.S. consumers free weekly credit reports through AnnualCreditReport.com.

7 — 20 days. This is the average amount of time it takes for your name to be removed from the credit bureau's blacklist. In order to accomplish this, you must first pay off your debts. The credit bureau determines your credit score based on your financial history.

To check if you are blacklisted, you can receive an annual complimentary credit report. This can be obtained from any of the prominent credit bureaus in South Africa. The report provides information on your credit score and allows you to review for any potential inaccuracies.

A debt review flag is a warning or notice that is put on your credit report when you are undergoing the debt review (debt counselling) process. This is so that creditors know not to give you any credit (loans) during this time. The reason for this is that debt review is a way of rehabilitating your finances.

The short answer here is that you cannot get a loan while under debt review, for the simple reason that while under debt review your credit profile will be flagged across all credit bureaus, and this will prevent responsible lenders to approve your loan application, once they know that you are currently over-indebted ...

This is generally 60 months that is 5 years. This is the most that credit providers can accept. What this means is that the amount that we will propose to pay every month should at least pay off the outstanding debt within 5 years.

Yes, you can apply for a loan after a debt review. If you've been diligently sticking to your debt restructured payment plan, you may be really eager to take out a loan for a home or a car. The good news is you will be able to apply for credit after debt review.

Pulling your credit report and credit score is the most accurate and convenient way to find all of the accounts that have been reported in your name. Your credit report will display every open account in your name, from bank accounts to credit cards and more.

How long does bad debt stay on your name? ›

A judgment is granted by the court against a consumer who has not paid their debts to a credit/service provider. A judgment is public information and remains on your credit report for 5 years or until the judgment is rescinded by a court or paid in full.

If you never pay a debt in collections, the immediate consequence is a significant negative impact on your credit score. This derogatory mark can stay on your credit report for seven years, affecting your ability to secure loans, credit cards, and favorable interest rates.

Highlights: Most negative information generally stays on credit reports for 7 years. Bankruptcy stays on your Equifax credit report for 7 to 10 years, depending on the bankruptcy type. Closed accounts paid as agreed stay on your Equifax credit report for up to 10 years.

If you've had banking problems, ChexSystems will alert other banks about them for up to five years. Opening new accounts could be tough. Prepaid cards or second-chance checking could help.

Check your credit report

You can get a credit report at any of the credit bureaus, including Experian, TransUnion, etc. This can be done for free every year. If the bureaus have not removed the 'under debt review' flag from your profile, it will be shown on the front page of your report.

You can access your personal credit report on the My Credit Check portal. The My Credit Check portal is available at www.mycreditcheck.co.za.