How do I clear my credit record?
Iwould like to know what the next step is after you have settled your debts to improve your credit score. In other words, how do you clear your credit report.
City Press replies:
According to the Office of the Credit Ombud, once the consumer has settled all the outstanding debt, a paid-up letter should be given to him/her from all the credit providers. These letters will then need to be submitted to each of the credit bureaus. The bureaus will update their records and then forward the consumer an updated report.
The bureaus each work with a different scoring method and the consumer will need to contact them for the methodology.
You need to be aware, however, that while the credit will be shown as paid and will be viewed positively by a potential creditor, the payment profiles are generally reflected on your report for two to five years, so it will still show any history of nonpayment and may still influence your credit score.
It will take a few years of consistently meeting your credit payments to truly “clean” your record.