Check my debt review status

What Is a Debt Review Status?

When you apply for debt counselling in South Africa, your status is tracked in the National Debt Help System (DHS) and shared with all credit bureaus. This information becomes part of your credit profile. Depending on where you are in the debt review process, a code will appear on your report. Understanding these codes can help you know whether you’re allowed to take on new debt, whether you’re still under debt review, or whether you’ve completed the process. Many consumers don’t realise they are still flagged under debt review, even years after they stopped paying their debt counsellor. Others mistakenly believe that voluntary withdrawal removes the flag from their credit profile. Misunderstanding your status can lead to unnecessary credit declines, frustration, and confusion.Your financial status can sometimes feel like traversing a maze, especially when it comes to understanding the specifics of debt review. Being under debt review is a significant marker of your financial journey, often indicating a structured approach to managing overwhelming debts. This process involves careful assessment and restructuring by financial professionals to ensure you can meet your obligations without exacerbating your financial strain. But how can you be sure if you are currently under debt review or not? What are the signs or checks you should be aware of to confirm your status?

How to Check If You Are Under Debt Review

 You can check whether you’re under debt review with a copy of your credit report from experian, transunion or xds .Being listed as under debt review will impact your ability to take out loans. Under the National Credit Act, lenders are prohibited from lending money to people who have been flagged under debt review, whether that’s debt review, sequestration, or an administration order.Moreover, insurers may decline your application or charge you much higher premiums while you’re under debt review, or even refuse to issue you a payout after you’ve claimed. You’re also unlikely to be hired for finance jobs, as debt review indicates you’re not good at handling credit. To mitigate these undesirables, you should check whether you’re under debt review. Debt review status checks are integral to knowing whether you can apply for credit, are blacklisted, or may be at risk of not being able to work in finance positions. This series of letters and numbers are indications of your position in the debt review process on your credit profile. Under the National Credit Act, lenders may not loan you money if you’re under debt review in case you accrue more debt and endanger them and yourself. To conduct a debt review status check, you must request a copy of your credit report. Your debt review status code should be listed under the public records section alongside judgments, sequestrations, defaults, and other derogatory marks. Usually, your profile will have a flag reporting that you’re under debt review, with a letter and/or number on it ranging from A to F.

To check your debt review status, we can request a copy of your credit report from the National Credit Regulator (NCR) or a credit bureau such as TransUnion, Experian, or Compuscan. Your credit report will indicate whether you are currently under debt review, have been cleared, or if there are any outstanding issues. Additionally, you can contact your registered debt counselor directly to confirm your status and request a formal clearance certificate if your debt review has been concluded. Regularly checking your credit profile ensures that your debt review status is accurately reflected and helps you stay informed about your financial standing.our agents can help you remove any blacklistings such as debt review from your credit profile.