What is Debt Review Removal?
Debt review removal refers to the legal process of officially removing the debt review listing from your credit profile in order to restore your credit worthiness.
When someone is under debt review, it means they have sought assistance from a registered debt counsellor to restructure their debts because they were unable to meet their financial obligations and thus over-indebted. This status is noted on their credit profile. Read Here About Debt Counselling and the Debt Counselling Process
However, once a person has successfully paid off their restructured debts or their financial situation has improved to the extent that they can handle their debts without the aid of debt review, they may wish to have the debt review listing removed from their credit record. This process is known as debt review removal.
Debt review removal is important because having a debt review status on your credit profile can impact your ability to access new credit more especially if you were wrongfully listed under debt review.
(Lenders are not allowed to grant credit to a consumer listed under debt review in terms of The National Credit Act.)
In a nutshell, by removing the debt review status, an individual can restore their creditworthiness in the eyes of potential lenders and regain access to the credit market.
Got More Questions? We have gathered the most frequently asked questions about exiting debt review here.
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The National Debt Review Center
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