C
Legal
Clearance Certificate
A document issued by a debt counsellor confirming that a consumer has completed all debt review repayments and is no longer under debt review. The clearance certificate is sent to credit bureaus to update your credit profile, allowing you to apply for new credit again.
Usage Examples
"After four years of repayments, she finally received her clearance certificate and was free of debt review."
"Without a clearance certificate, your credit report will continue to show you as being under debt review."
"Once you receive your clearance certificate, it can take up to 21 days for credit bureaus to update your records."