Credit Bureaus & ITC

A Rehabilitation Order does not automatically remove or clear any blacklisting on any credit bureau, a “Credit Clearance” must still be arranged after rehabilitation.

 

This is done by forwarding a copy of your rehabilitation order to the relevant credit bureaus. The   credit bureaus will list the previously "insolvent" client as “rehabilitated”.  We find that the financial institutions have no problem granting bonds, overdraft facilities or personal loans once you have been rehabilitated, provided of course that you meet all the other required criteria.

 

Judgments pertaining to pre-sequestration debt, listed before or during the sequestration period, must be removed as such judgment would have lapsed once the rehabilitation order has been granted. Although some credit bureaus initially refused removal of these judgments, we have been successful in eventually enforcing such compliance.

 

The “rehabilitation” listing will remain on the credit bureaus for 5 years whereafter it will also be removed.

 

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