Debt Review Clearance
How To Clear Your Name on Itc
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Who/What is ITC
It will be a good thing here to clarify what is ITC and what is meant by ITC clearance. First you have to know that ITC is a Name of the only Credit Bureau that was operating in South Africa a long time ago. Then it was bought by an American company called Transunion Credit Bureau. Because ITC was the only credit bureau in South Africa for a long time, most South Africans through several generations still refer to anything that has anything to do with a credit record as ITC! This is so popular to an extent that for the benefit of the older generation, it is acceptable to refer to Transunion Credit Bureau and Transunion-ITC. Secondly, while we are still on the subject of the name, you should know that in South Africa, credit providers and finacial institutions will always check your credit profile on the three major Credit Bureaus - Experian Credit Bureau, Transunion-ITC Credit Bureau and Compuscan Credit Bureau. As such, if you ever suspect or hear that your name has been listed (blacklisted) on the credit bureau, you must ensure that you always check and make a decision to clear your name on all three credit bureaus, but mostly and crucial checks should be done on both Experian Credit Bureau and Transunion-ITC Credit Bureau.
In the lectures below, since this is purely a South African website, we shall, from time to time refer to all credit bureau as ITC.
How to Clear Judgment
A judgment is an enforced payment for a debt that is granted in a court. Once the judgment is obtained against you, this information is submitted to the credit bureau and will be retained on your credit record for 5 years - unless you apply for the rescission of judgement and supply the credit bureau or ITC with this information. The details of the judgment - eg: Case Number; Plaintiff; Plaintiff Attorney; Court Name - will be reflected on the ITC report. In order to rescind the judgment, Unless you can prove that the judgment was granted in error; the debt underlying the judgment should be paid in full and a consent for the rescission must be issued by the plaintiff or their attorney of note. Further to this the judgment can only be rescinded at the court that granted it.
Steps to Rescind and Clear Judgment:
* You should obtain your most recent ITC reports for details of the judgment- To get your credit report, click here:Credit Reports
* Next you must contact the creditor/plaintiff or their attorney to supply you with Outstanding Balance on the judgment debt if any. If there is no Outstanding Balance you should request Confirmation of Settlement and Rescission Consent Letter.
* When you are in possession of the Consent Letter, you will draft an affidavit as required by the magistrate court confirming your application for the rescission of the judgment and present it to the court.
* When the magistrate is satisfied with the merits of the case and the presented documents, he/she will grant the rescission and issue with a rescission court order.
* You will then submit the Rescission Court Order to the credit bureau on which the judgment is reflecting. The credit bureau will remove the judgment listing within 20 days.
How to Clear Administration
Administration Order is a voluntary judgment that you apply for in the magistrate court. The core purpose of this act of the law is to protect the consumer from legal action or harassment by creditors if he is not able to meet his monthly payments. Once you are in a better financial position and can afford to pay your creditors again, you can apply for the administration order to be set aside or rescinded. Comprehensive information for this paragraph is still being compiled - in the meantime you can get similar information by visiting our associate website by clicking here: How to Clear Administration
How to Clear Default Listing
Note that the only way to remove a default listing is to challenge its legal validity in terms of how it was placed.The NCA stipulates that the creditor should notify the consumer “in writing” and give them 20 days to respond to the notice before placing a listing with the credit bureau. If you have never received any notification in writing from any of the creditors, then the listing is unlawful and will be removed within 20 days after investigation of the dispute.
All you have to do is to contact the credit bureau that is showing a listing and inform them that the creditor did not notify you before they placed the listing on your credit record. The credit bureau consultant will give you further instructions and once the investigation is complete they will notify you of the outcome.
How to Clear a Trace Alert Notification
The primary and lawful purpose of a Trace Alert being placed on your credit record - which at this stage it only being done through Transunion-ITC, is to alert the consumer that a creditor has been trying to contact them without success and they need their updated contact information. But unfortunately some debt collectors abuse this service to make it look as if you are running away from your commitments and you are actually a wanted person! Mostly these debt collectors have bought your debt from the creditor who has written it off because it has prescribed (expired) and you are not under obligation to pay it anymore. Once the debt collectors get your attention they will make you pay the prescribed debt.
If you see a Trace Alert, you should call the company that placed it there and ask them to supply you with the statement of the debt in question. If they do not respond in 3 days you should call the credit bureau and tell them that you have called the company that placed a trace alert on your profile and they have failed to supply you with the details of the account in question. The credit bureau will then remove the trace alert immediately.
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