How do I clear my credit record?

CityPress - - Business -

Tshepo writes:

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.

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