Is it true that after 7 years your credit is clear?

Published by The National Debt Review Center on

In South Africa, the credit bureaus generally hold negative information on your credit report for a period of up to 5 years. This includes information such as missed payments, defaults, or judgments against you. After this period, the negative information should be automatically removed from your credit report, which can lead to an improvement in your credit score.

However, it’s important to understand that the removal of negative information from your credit report does not mean that your debts are written off or cleared. The obligation to repay any outstanding debts remains, regardless of whether the information is still listed on your credit report.

Furthermore, certain types of negative information can remain on your credit report for longer than 5 years. For example, if you have been declared insolvent, this information can stay on your report for up to 10 years.

It’s also worth noting that while the credit bureaus should automatically remove outdated negative information, errors can occur. Therefore, it’s a good idea to regularly review your credit report and confirm that the information listed is accurate and up-to-date.

In conclusion, while your credit report may be cleared of negative information after a certain period, this does not equate to your debts being cleared. It’s always advisable to seek professional financial advice when dealing with debt and credit-related matters.

Got More Credit Repair Questions? Check out this article about free tips on how to fix your credit score here.

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Is It True That After 7 Years Your Credit Is Clear

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The National Debt Review Center

The National Debt Review Center

Welcome to The National Debt Review Center, where financial stability and integrity are our guiding principles. We strive to deliver the utmost best in customer service & act with the highest standards of integrity.We are South Africa's best Debt Counselling & Debt Review Removal Company.NCR Registration Number - NCRDC3106

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