How to Complete an ITC Clearance Application
So you’ve finished Debt Review. Now, it’s time to get ITC clearance. But what does the form look like, and how do you complete it? This blog serves as a guide for what’s in an ITC clearance form. Read on for the different sections in the form, what’s required of you, what comes next, and why you should complete the process.
What’s in an ITC clearance form?
This is an example ITC clearance form, called a Form 19. It requires the; name of your debt counsellor, NCR registration number, contact number, your full name, ID number, court number, the names of your credit providers and amounts settled, and your debt counsellor’s signature.
Eligibility for ITC clearance
To be eligible for ITC clearance, you need a clear credit report. So, all your debts must be paid before you can get credit clearance and all discrepancies must be eliminated. Additionally, compliance with the National Credit Act (NCA) regulations is critical when verifying eligibility for ITC clearance. The NCA provides consumers with certain rights regarding their credit information, and it’s vital to understand these rights before applying for clearance. By obtaining a free annual credit report from major bureaus and reviewing it thoroughly, you can identify any potential problems and take steps to address them before submitting your application.
What comes next?
After you submit your report, the credit bureau investigates your claim: They will contact the creditor who reported the information to verify its accuracy. This process can take several weeks.
- If the information is found to be inaccurate: The credit bureau will remove the negative information from your report and notify you of the update.
- If the information is accurate: The dispute will be denied, and the negative information will remain on your report. You may be able to submit additional documentation to strengthen your claim.
- Credit Report Update: Once the investigation is complete, the credit bureau will update your report. It can take 30-60 days for this update to reflect on your reports at other credit bureaus.
Now that you know about the ITC application process, it’s time to take action! Contact us for help with ITC clearance today!
