Debt Review vs Credit Bureau Clearance.

Are you struggling to cope with debt and low credit scores? We analyze Debt review vs Credit bureau clearance services in this article. In South Africa battling consumers seeking help with their debts or credit records have a variety of options to choose from. Unfortunately, there are several terms on the web that can confuse the average consumer. To add insult to injury numerous websites will deceive you into one service when that service is not suitable for your particular problem. Six of those terms are:

• Debt Counselling
• Debt review
• Credit bureau clearance
• Credit repair
• Blacklisting repair
• ITC Clearance

Debt review is a regulated and educational program for consumers who have trouble managing and paying their debt. These consumers will be declared overindebted by a debt counsellor. Credit bureau clearance is a process whereby credit reports get scrutinized and analyzed for errors. Any incorrect information gets updated or deleted. The ITC credit bureau clearance process takes a poor credit record and making changes to it to improve credit scores and creditworthiness.

South African consumers can access these above-mentioned services countrywide. Consumers struggling with debt can apply for our debt review program by completing an application form (Form 16). Consumers needing to buy a home, or a car, can access our credit bureau clearance service. Credit bureau clearance takes time if outstanding debts are still outstanding. Consumers opting for Credit bureau clearance need to be mindful of the fact that to increase credit ratings and creditworthiness, accounts in default need to get paid.

We will explain the processes of what these services provide. In this article, we will also explain how to engage the services of our debt review process. We will explain why debt counselling and ITC bureau clearance may be effective at solving diverse types of financial difficulties.

Debt Review – The Practical Facts.

Debt review is an effective process in dealing with debt. Our debt review process will help you as an over-indebted consumer with general financial guidance and restructuring of debt. We work hand in hand with you to save you from any legal action and repossession of moveable and non-moveable assets. Our debt review process includes working with creditors to determine the best and shortest possible period to pay off your debt.

What to expect during the initial stages of debt review!

So, you have decided debt review is the best solution for your financial situation. We need the following documents to start the debt review process.

• Form 16 Application form. We will provide this.
• Bank statements
• Pay slips
• ID Copy

We do not need you to have a face-to-face interview as this all gets done telephonically. If you prefer a face-to-face consultation, we can organize a meeting at our offices in Randburg, Johannesburg.

Some of our debt review services include:

We will offer general budgeting advice after evaluating your debt review application. You will have the opportunity to work directly with our registered debt counsellor. Together we shall investigate your financial situation, net income, expenses, investments, and insurances. We will formulate an affordable restructured plan that we will negotiate with creditors. Our proposal to creditors will include the negotiation of significantly reduced interest rates. The result will be a reduced monthly instalment to pay off your debt in about two to three years.

Debt review Process:

Step 1: Information gathering: We will need the following information for a successful debt review application:

• Net Income and extra income. (Pay slip and bank statement).
• A comprehensive list of monthly living expenses. These expenses are necessary for basic daily living. Living expenses include rent, food, medical aid, and transportation costs. These expenses do not include your debt obligations.
• Any information relating to car repossession and home repossession threats from creditors.
• Any letters or correspondence you had with attorneys and debt collectors.

Step 2: Application and discussion with your debt counsellor. Your debt counsellor will review your current financial situation which includes:

• Income
• Monthly living expenses
• Monthly debt repayments

After a telephone or in-person consultation, the debt counsellor will advise you of the best way to pay off debt. This will include a restructured reduced monthly instalment which gets paid over to your creditors. This reduced instalment will include reducing interest rates. 

Step 3: Negotiation with creditors

Your Credit Salvage debt counsellor will now approach creditors and start the negotiation process. We will work with the credit providers to develop a restructured plan to pay off the outstanding debt within a respectable term. During this phase, your Credit Salvage Debt Counsellor will offer you insights and recommendations based on your situation. We will brainstorm ways to increase your income and where to cut your expenses to pay off debt. We have committed ourselves to do what is in your best interest.

Step 4: Execution of the debt elimination plan.

Your debt counsellor will declare you over-indebted and send out a notification to your creditors. This notification will include a repayment proposal with reduced interest rates. We will send you this proposal for you to know the exact payment plan while under debt review. The documents you will receive include:

• Form 17.2. This is the notification to inform your creditors you are financially overindebted.
• A comprehensive budget overviews! This is our overview of your current financial situation.
• Proposal and cascading calculations. This is our action plan, detailing the payments your creditors will receive over the term.

The last step to put these strategies into practice is your commitment to pay the restructured instalment monthly. To start paying off debt and improving finances using a detailed debt review plan is a rewarding journey. During the debt review process, you will develop better budgeting and spending habits. These good financial habits will enable you to maintain financial stability while you work towards your dream of becoming debt-free.

If you do not have a problem with debt and are not deemed to be overindebted credit bureau clearance will be a better solution. The next section of debt review vs Credit bureau clearance will discuss the Credit Bureau Clearance process.

 Above we have an illustration of Debt review vs Credit bureau clearance. Please take note of the main differences between the two services. 

Credit Bureau Clearance / Credit Repair. 

The next section of this article Debt Review vs Credit Bureau Clearance is the process of Credit Bureau Clearance. ITC credit bureau clearance is based on your credit report and current credit scores. The National Credit Act allows consumers to receive a credit report free once a year from each bureau. To start the credit bureau clearance process, it is important to know what is currently reflecting on one’s credit record. We offer a full investigation with each credit bureau making the process of establishing what is adversely impacting a credit score and creditworthiness straight forward and simple.

Our Credit bureau clearance service assists us to dispute, review and update your credit records. Our process includes the removal and updating of fraudulent, negative, false, and adverse information from your credit record. You can also attend to these services without employing the services of a company like ours. Attempting credit bureau clearance takes time if you are not familiar with dealing with bureaus and what is enshrined in the National Credit Act. If you are looking to purchase a home or car, we would recommend us to assist you with this process.

Our credit bureau clearance process:

Working with you we review all your credit reports and analyze your credit scores. After consultation with you, we identify prescribed accounts, written off debts, fraudulent accounts, and adverse information. We then start the process of removing and updating the above-mentioned accounts. These are the accounts that are affecting your credit scores and creditworthiness.

During the ITC credit clearance process, we would request you not to apply for any new credit. Any declined applications will affect your credit scores and will be counterproductive.  Another important aspect during the process is that we would need you to keep on making payments on existing debts on time.

We have 18 years of experience in dealing with debt, creditors and credit bureaus and will ensure you have a credit record you can be proud of.

If you are not that confident in your skills to attempt credit bureau clearance alone, it would be wiser to invest in our skills and 18 years' experience. You will feel comfortable with the process since we have a proven record of accomplishment and are established. Additionally, we have numerous unbiased excellent reviews from our past clients.

If you need one of our consultants to contact you, you can use one of the following:

• Call us on 087 898 0895 and we will contact you back
• Use our contact us page to complete your details and a short text regarding your issue and we will call you back.
• To apply online for credit bureau clearance and debt review removals please visit our Bureau Clearance application page
• You may contact us using our chat feature which is situated at the bottom right of each page. 

Debt review vs Credit bureau clearance - Cost Comparison

In this next section of debt review vs credit bureau clearance, we discuss the cost comparison. Debt review is a regulated process, and fees have been set in stone through the National Credit Act. We have published a comprehensive debt review fees article. Please click the link to read more about the debt counselling fees.

Credit bureau clearance companies are currently not regulated, and you can expect some hefty fees. Some companies will even charge you upfront and then do not deliver on promises made. These businesses are using misleading methods, including false advertising and we urge you to be cautious when dealing with companies like these. Do research on the Hello Peter website and investigate their google ranking.

5 Benefits of using our debt review and credit bureau clearance services.

• We are a boutique firm, and we do not accept more than a certain number of clients a month. This ensures world-class customer service for each client. Our clients are not just another number.
• We are successfully registered, and our debt review fees are strictly in line with National Credit Act regulations. To confirm our registration please visit the NCR website by clicking the link.
• We charge a nominal fee for credit bureau clearance with NO hidden costs. We are delighted to also mention that we are currently South Africa’s most highly cost-effective company offering these services.
• In addition to credit bureau clearance services, we are also providing a host of other benefits for each client to enhance our customers’ experience.
• Start with us with complete confidence! Our 14-day guarantee is clear, simple, and condition-free.

Our specialized credit bureau processes, debt and credit expertise, superior customer service with excellent reviews is making us the best in the industry. We pride ourselves that we have had the chance to help thousands of South Africans correct and improve their debt and credit records. We are here and ready to help you too.

We have already analyzed Debt Review vs Credit Bureau Clearance Services. If you have any questions or still do not know which service is best for your situation, contact one of our specialists. We will analyze your situation for free and advise you of the best solution for your needs.

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• Low Credit Score? Ultimate guide on how to increase Credit Scores.

• How to Cancel Debt Counselling or Debt Review