Be that as it may, many people complete the process earlier. How you choose to respond to a time-barred debt that has fallen out of your credit report is your choice. Everyone is different and many people pay off their debts faster than those who are under debt assessment. It takes 36—60 months for most people to get out of debt.
If you’re one of the millions of consumers facing financial burdens due to high debts, you should be able to benefit from talking to a debt counselor.
How do I remove my name from the debt check?
Credit agencies will be notified of the changes in your situation via the NCR debt assistance system and you will receive a court order explaining that you are no longer over-indebted. The key to clarifying your name after the debt check is to obtain a clearance certificate, which essentially serves to prove that you are debt-free. As soon as credit agencies receive this certificate, they will remove the Debt Advisory flag from your name and profile.
References:
- How long does debt review last? | National Debt Advisors
- How Long Does Debt Review Last – Sandton Debt Counselling
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.