05 Feb How to Get ITC Clearance

Posted at 11:21h in Debt Clearance by

ITC clearance is integral in improving your credit health, heightening your chances of gaining access to loans, lower interest rates, and better insurance premiums. There are a lot of requirements to fill when applying for clearance, such as complying with NCA regulations, acquiring the documents needed, sequestration or debt review, and finally submitting your application. This article addresses concerns surrounding getting ITC clearance and the adjunct timeline and impetuses.

What is ITC?

The ITC, now named Transunion, is a credit bureau specialising in creditworthiness and credit reports. TransUnion holds your credit report, which contains information about your credit report, including; Loan and credit card payments (on time or late), defaults and judgments, debt review status, and public records like insolvencies and bankruptcies. From the information in your credit report, ITC generates a credit score ranging from 0 to 850, which decides whether you can attain credit and helps lenders assess your risk.

How to apply for ITC clearance?

ITC clearance isn’t only for people with major debt. It applies to anyone looking to improve their credit score. Negative judgments or defaults, no matter the size of your debt amount, can affect your creditworthiness. It’s helpful, even when you don’t need to take out credit, as it impacts rental opportunities and your insurance premium.

Understand clearance requirements

You’ll have to have the necessary documents when applying for ITC clearance. These include:

  • Proof of identification. (your ID or passport.)
  • A copy of your credit record. You can get one for free from CreditBoost with this link or any other credit bureau.
  • Proof of debt payment. These include debt clearance certificates, letters of confirmation from creditors, and receipts.

Understand NCA regulations

NCA stands for National Credit Act 34 of 2005. The regulations encompass:

  • Allowing a consumer whose debts have been re-arranged to apply for a clearance certificate relating to debt re-arrangement.
  • Credit providers must maintain records of all applications for credit, credit agreements, and credit accounts in the prescribed manner and form for the prescribed time.
  • Any person who receives, compiles, retains, or reports any confidential information about a consumer must protect the confidentiality of that information and use it only for purposes permitted or required by the Act or other applicable legislation.

Commission a professional to help with your application

It’s important to procure a debt professional to help you clear any discrepancies or debt on your credit record. From there, you will be able to apply for ITC clearance. We will submit all your documents and liaise with Transunion on your behalf to clear your credit report. After gaining clearance, you can enjoy financial freedom and peace of mind.

Once your credit health is optimal, you will be able to secure a loan again.

 

The Credit Boost experts are happy to help you gain ITC clearance. Contact Credit Boost today for professional help attaining ITC clearance.