12 Mar How to Get ITC Clearance After Debt Review

Posted at 11:42h in Debt Clearance by

After you’ve completed Debt Review, you might check your credit history and be surprised to find the Debt Review flag lingering on your report. A lot of us find this frustrating. After all, it’s been a long journey to be rid of Debt Review and its constraints– yet it’s still there, a mark denting an otherwise perfectly respectable credit report. Interestingly, there is a means to clear the Debt Review flag from your credit report after the completion of the process. It’s called ITC Clearance, and it may well be the answer to your credit report prayers.

ITC clearance is the process of submitting a credit clearance certificate for Debt Review flag removal to the ITC, a credit bureau now known as Transunion. After ITC polishes your credit report, you’ll be able to enjoy benefits like acceptable loan terms, better interest rates, and even lower insurance premiums.

How to qualify for ITC clearance

First, ensure you have the relevant documents needed to apply: your ID, a copy of your credit record, and your debt clearance certificate or letters from creditors confirming the completion of repayment. You should also provide up-to-date proof of payment on bigger debts, like a mortgage.

Then, contact a legal professional (Credit Boost) to submit your clearance certificate and relevant documentation to the major credit bureaus. If there is inaccurate information on your credit report, like defaults, judgments, or administration orders.

What happens after you submit your clearance certificate?

Credit bureaus usually have a processing time of a few weeks to 3 months to formally update your credit report.

Here’s what typically gets updated:

  • Debt Review Flag Removed: The flag indicating you’re under debt review disappears.
  • Default Listings Updated: Negative information like defaults and judgments may be removed or marked “settled.” (Note: The exact timeframe for removal can vary.)
  • Payment History Remains: Your overall payment history will likely still be on your report. This is important, as a good payment history helps rebuild your credit score.

ITC clearance boosts your credit score.

Need help with ITC clearance? Contact Credit Boost today!